Bunge Limited Completes Closings of Moema Transaction
Bunge now owns 100% of five of the mills comprising the Moema Group, with a total annual sugarcane milling capacity of 13.7 million metric tons.
17 Feb 2010 --- Bunge Limited has completed the remaining closings of the Moema transaction. Bunge now owns 100% of five of the mills comprising the Moema Group (Moema, Frutal, Ouroeste, Guariroba and Itapagipe), with a total annual sugarcane milling capacity of 13.7 million metric tons. As previously announced, Bunge will not assume any ownership interest in the sixth mill, Vertente.
In total, Bunge has issued 9,718,632 common shares in relation to the Moema transaction, representing, together with the cash payments made at closing to certain minority shareholders for their interests, approximately 90% of the base purchase price for the transaction. The final number of shares to be issued to the sellers is subject to post-closing adjustments based upon the net debt and working capital of the mills as of the closings.
Bunge has agreed to file a registration statement for the common shares of Bunge Limited issued in these transactions which will allow the shareholders receiving these shares to resell them from time to time. In addition, these shareholders have agreed, during the 18-month period after the closing, to certain volume and other restrictions with respect to sales of their common shares.