Bunge Makes IPO Filing for Sugar Business, Will Still Retain Majority Stake
On May 15, Bunge announced the filing of an IPO for its sugar milling business in Brazil. Although the business will operate as a stand-alone entity, Bunge will initially retain a majority stake in the business. We don't expect this corporate action to change the underlying value of the company. Therefore, we maintain our $75 per share fair value estimate and no-moat rating for Bunge.Management had been exploring strategic options for the sugar business for some time. With the business still fa...
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