Deals
Bunge Rises After Continental Grain Plans to Push for Sale
- Filing with regulators will allow talks on strategic direction
- Bunge has been in merger talks with rival grain trader ADM
Photographer: Andrey Rudakov/Bloomberg
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Continental Grain Co. has filed with regulators about a previously undisclosed position in potential takeover target Bunge Ltd. and plans to hold discussions with the U.S. agricultural-commodity trader about a possible sale, according to people familiar with the matter.
Continental, which owns more than 1 percent of Bunge, believes the company could be worth at least $90 a share in a takeout and is getting impatient with management for not delivering as potential buyers circle, said one of the people, who asked not to be identified because the deliberations are private.