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Standstill Agreement Blocks Glencore from Hostile Bid for Bunge

A standstill agreement established between Glencore Plc and Bunge Ltd. will, for the short term, prevent Glencore from making a hostile takeover bid for Bunge.

The Swiss global commodity trader made a bid for New York-based Bunge earlier this year in May, calling the move an “informal approach” and reiterating that there is no guarantee that any discussions would result in a deal. Meanwhile, Bunge denied being engaged in talks with Glencore.

This standstill agreement, according to industry insiders, indicates that there could be interest between the two companies in forging a joint venture in the near term, with Glencore eyeing a takeover in the long term, as it gives Glencore access to confidential information, but precludes a takeover at this time. Furthermore, Glencore has indicated its strategy of expanding its agribusiness through a course of acquisitions, and is in the process of finalizing $1.5 billion in deals, while Bunge presents as a good fit.

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