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Bunge Limited (NYSE:BG) announced an agreement with BP plc (NYSE:BP) to form a 50/50 joint venture that will create a bioenergy company in Brazil.
Bunge will receive cash proceeds of $775 million in the transaction. The joint venture, to be called BP Bunge Bioenergia, will operate on a standalone basis, with a total of 11 mills located across the Southeast, North and Midwest regions of Brazil.
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"This partnership with BP represents a major portfolio optimization milestone for Bunge which allows us to reduce our current exposure to sugar milling, strengthen our balance sheet and focus on our core businesses,” said Gregory Heckman, Bunge CEO. “We have a strong, committed partner in BP, as well as flexibility in the medium and long term for further monetization, with full exit potential via an IPO or other strategic route."
Bunge shares were trading up 1.7% at $56.55, while BP shares were trading around $39.17 at time of publication.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.