Bunge announces sale of its ownership share in joint venture in Brazil

Bunge Global has entered into definitive agreements to sell its 50% share in BP Bunge Bioenergia to bp, its joint venture partner. BP Bunge Bioenergia, a joint venture formed in 2019, combined both companies’ Brazilian bioenergy and sugarcane ethanol businesses with a total of 11 mills located across the Southeast, North and Midwest regions of Brazil. At closing, which is expected to happen in the fourth quarter of 2024, bp will own 100% of the business. This second and final monetization event of Bunge’s ownership in the business is expected to yield net proceeds close to $800 million, depending on timing of closing and customary closing adjustments. Closing of the transaction is subject to customary conditions, including receipt of required regulatory approvals.