Bunge Limited Completes Sale of Brazilian Fertilizer Nutrients Assets to Vale
We're pleased to have successfully concluded the sale of our Brazilian nutrients assets, allowing us to realize the significant value we built in this business over the years.
28 May 2010 --- Bunge Limited announced that it has successfully completed the previously announced sale of its Brazilian fertilizer nutrients assets in Brazil to Vale S.A. (Vale), including its 42.3% interest in Fertilizantes Fosfatados S.A. (Fosfertil). Net proceeds after taxes, transaction fees and expenses are approximately $3.5 billion, subject to certain post-closing adjustments.
Alberto Weisser, Bunge's Chairman and Chief Executive Officer stated, "We're pleased to have successfully concluded the sale of our Brazilian nutrients assets, allowing us to realize the significant value we built in this business over the years. Proceeds from the transaction provide us with the financial flexibility to redeploy capital for growth and improve our financial profile. In the near term, we'll use approximately $1.5 billion to pay down a portion of our debt and will continue to focus on other opportunities to enhance shareholder value."
