Bunge to Sell Ownership Share in Sugar and Bioenergy Venture

The venture will be owned by Bunge's joint venture partner.

Kristen Kazarian, Managing Editor

June 21, 2024

1 Min Read
Bunge sells ownership of joint venture to joint owner
Joint venture BP Bunge Bioenergia was formed in 2019.

Bunge Global SA has entered into definitive agreements to sell 50% share in BP Bunge Bioenergia to its joint venture partner, bp.

BP Bunge Bioenergia, a joint venture formed in 2019, combined both companies’ Brazilian bioenergy and sugarcane ethanol businesses located across the Southeast, North, and Midwest regions of Brazil.

“We are pleased with the way the business is operating and the great work the team has done to become a leader in sugar and bioenergy since we created this joint venture with bp," said Bunge’s Chief Executive Officer Greg Heckman. "However, this business is not core to Bunge’s long-term strategy, and this transaction will allow us to focus and invest in our core businesses while also further strengthening our balance sheet. bp has been a valued partner to Bunge, and we wish them and the team continued success.”
This second and final monetization event of Bunge’s ownership in the business is expected to yield net proceeds close to $800 million, depending on timing of closing and customary closing adjustments. Closing of the transaction is subject to customary conditions, including receipt of required regulatory approvals.

At closing, expected in Q4 2024, bp will own 100% of the business.

About the Author(s)

Kristen Kazarian

Managing Editor

Kristen Kazarian has been a writer and editor for more than three decades. She has worked at several consumer magazines and B2B publications in the fields of food and beverage, packaging, processing, women's interest, local news, health and nutrition, fashion and beauty, automotive, and computers.

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