Bunge Global SA: sells its stake in JV in Brazil to BP

St. Louis / MO. (bl) Bunge Global SA, a leader in agriculture, food and ingredients, has entered into definitive agreements to sell its 50 percent share in BP Bunge Bioenergia to BP, its joint venture partner. BP Bunge Bioenergia, a joint venture formed in 2019, combined both companies’ Brazilian bioenergy and sugarcane ethanol businesses with a total of 11 mills located across some regions of Brazil. At closing, which is expected to happen in the fourth quarter of 2024, BP will own 100 percent of the business.

Greg Heckman, CEO Bunge Global: «We are pleased with the way the business is operating and the great work the team has done to become a leader in sugar and bioenergy since we created this joint venture with BP. However, this business is not core to Bunge’s long-term strategy and this transaction will allow us to focus and invest in our core businesses while also further strengthening our balance sheet. BP has been a valued partner to Bunge, and we wish them and the team continued success.»

This second and final monetization event of Bunge’s ownership in the business is expected to yield net proceeds close to USD 800 million, depending on timing of closing and customary closing adjustments. Closing of the transaction is subject to customary conditions, including receipt of regulatory approvals.