Thursday, May 27, 2010

Bunge (NYSE:BG), Vale (NYSE:VALE) Deal Completed

The deal between Bunge Limited (NYSE:BG) and Vale (NYSE:VALE) has been completed, according to Bunge, where it sold its sold its Brazilian fertilizer nutrients assets in Brazil to Vale S.A.

Included in the deal was Bunge's stake in Fertilizantes Fosfatados S.A. (Fosfertil) of 42.3 percent.

Bunge's Chairman and CEO, Alberto Weisser, said, "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."

The deal was worth approximately $3.5 billion.

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