Glencore Offers to Buy Bunge; We Think the Combined Company Would Benefit From Economies of Scope
Glencore has made an informal approach to Bunge regarding a potential acquisition, although terms of the proposal have not yet been disclosed. As of the time of this writing on May 23, Bunge shares have soared over 14% to around $80 per share. Based on PitchBook data, enterprise value/EBITDA multiples of comparable transactions have ranged from 8.7 times to 12.2. Given the range of comparable transactions and the synergies from both cost savings and increased economies of scope, we think Bunge c...Glencore is engaged as a natural resource companies. Co. is organized and operates on a worldwide basis in three main business segments: Metals and minerals, which comprised of zinc, copper, lead, alumina, aluminium, ferroalloys, nickel, cobalt and iron ore; Energy products, which comprised of crude oil, oil products, steam coal and metallurgical coal; and Agricultural products, which comprised of wheat, corn, canola, barley, rice, oil seeds, meals, edible oils, biofuels, cotton and sugar supported by investments in storage, handling, processing and port facilities.
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