Bunge Puts Sugar IPO on Hold Amid Weak Market Conditions
On June 15, the Financial Times reported that Bunge will halt its plans to file an IPO for a minority equity stake in its sugar business. However, this announcement has no impact on our forecast or valuation, so we maintain our $75 per share fair value estimate and no-moat rating. We expect the sugar business to continue operating as a stand-alone entity. By keeping sugar separate, Bunge would retain the option to begin the spin-off process at any point in the future if market conditions improve...
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