Baird analyst Ben Kallo lowered the firm’s price target on Bunge to $110 from $115 and keeps a Neutral rating on the shares. The frim noted they announced a definitive agreement to merge with privately held Viterra Ltd. in a combined stock and cash deal of roughly $8.2B. The merger is expected to be accretive in the first full year following the close. Viterra will enhance Bunge’s origination capabilities as well as its geographic and crop diversity, which we view as positive.
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