Bunge's Brazil Unit Signs Contract to Acquire Two Soy Plants From Imcopa

Bunge’s Brazil unit has signed a contract to acquire two soy crushing plants from Imcopa, according to a statement sent to Reuters on Wednesday, marking another step to consolidate its position as Brazil’s largest soybean crusher, Reuters reported. Imcopa, which is operating under bankruptcy court protection, confirmed the signing of the contract and said the aim of the sale is to keep the plants running and protect jobs, according to a separate statement. Bunge said regulatory approvals for the transaction are still pending. The signing of the contract comes about a month after a court injunction blocked the sale of the two plants that last year processed about 1 million tonnes of soybeans. Bunge agreed in February to bid a combined 50 million reais ($9.16 million) for the plants. The offer, made under an Imcopa reorganization plan approved by creditors in 2017, also entailed assumption by Bunge of around 1 billion reais of debt related to the assets. Read more