Wilmar International buys rival Bunge’s sugar operations
It includes both raw and refined sugar contracts.
Wilmar International’s arm acquired the sugar trading book of its rival, US agribusiness firm Bunge for an undisclosed amount, both companies revealed.
The transaction is part of Bunge’s strategies to minimise the firm’s exposure to its challenged sugar unit, Reuters reported. Bunge had been eyeing to sell the operation since 2013.
According to Wilmar, the deal comprises both raw and refined sugar contracts. Wilmar has been on a buying spree of mills and new trading ventures as it moves to expand its footprint in the past years.
Meanwhile, New York-based Bunge still owns mills in Brazil.
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