UPDATE 2-ADM in talks to buy Bunge as early as this week -Bloomberg [Reuters]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Reuters
ADM in talks to buy Bunge as early as this week: Bloomberg | Reuters Reuters Staff 2 Min Read (Reuters) - U.S. grains trader Archer Daniels Midland Co ( ADM.N ) could reach an agreement to buy smaller rival Bunge Ltd ( BG.N ) as early as this week, Bloomberg reported on Monday, citing people familiar with the matter. ( bloom.bg/2Egl41h ) Bunge’s shares were up 5.6 percent in premarket trading. ADM, which is expected to report its quarterly results on Tuesday, was up more than a percent. Reuters, citing a source, reported last month that ADM had proposed a takeover of Bunge. The proposed deal comes as large grain traders that make money by buying, selling, storing and shipping crops have struggled in recent years with global oversupplies. Thin margins have squeezed core commodity trading operations, including those of ADM, Bunge, Cargill Inc and Louis Dreyfus Co, which together are known as the “ABCDs” and dominate the industry. New York-based Bunge, which rebuffed an acquisition o
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