Wrap Text
Closing of Viterra/Bunge Merger
Glencore plc
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
ISIN: JE00B4T3BW64
LEI: 2138002658CPO9NBH955
Baar, Switzerland
2 July 2025
Closing of Viterra/Bunge Merger
Further to its announcements on 13 June 2023 and 16 June 2025, Glencore confirms that
the merger of Viterra with Bunge Global S.A. (Bunge) closed today. Under the merger
terms Glencore received:
1. 32.8 million shares in Bunge, representing 16.4% of the enlarged company, and
2. around $900 million in cash, subject to later adjustment under the merger terms.
Reflecting Glencore's capital allocation and leverage framework, by which our balance
sheet is managed around a certain net debt threshold, we view these NYSE-listed Bunge
shares as representing surplus capital. The shares have a current market value of c.$2.63
billion based on yesterday's closing price. Glencore intends to commence a share
buyback programme, underpinned by the value of this shareholding, of up to $1 billion
representing less than 40% of the current market value of the shares. Glencore intends
to commence the buyback on Monday 7 July (for which it shall make a further
announcement prior to commencement) and for the programme to be completed by
the time of the release of our financial results for the 2025 financial year, in February
2026.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
Company Secretarial
John Burton t: +41 41 709 26 19 m: +41 79 944 54 34 john.burton@glencore.com
www.glencore.com
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Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world's largest global diversified natural resource companies and a major producer
and marketer of more than 60 commodities that advance everyday life. Through a network of assets,
customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute
the commodities that support decarbonisation while meeting the energy needs of today.
With over 150,000 employees and contractors and a strong footprint in over 30 countries in both established
and emerging regions for natural resources, our marketing and industrial activities are supported by a
global network of more than 50 offices.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation,
battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers
and consumers of commodities.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the
International Council on Mining and Metals. We are an active participant in the Extractive Industries
Transparency Initiative.
We will support the global effort to achieve the goals of the Paris Agreement through our efforts to
decarbonise our own operational footprint. For more information see our 2024-2026 Climate Action
Transition Plan, available on our website at glencore.com/publications.
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Important Information
This material does not purport to contain all of the information you may wish to consider. For further important
information, including in connection with forward-looking statements and other cautionary information, refer to the
Important notice section of Glencore's 2024 Annual Report, which is available at glencore.com/publications. This
document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to
purchase or subscribe for any securities.
Cautionary statement regarding forward-looking information
Certain descriptions in this document are oriented towards future events and therefore contains statements that are, or
may be deemed to be, "forward-looking statements" which are prospective in nature. Such statements may include,
without limitation, statements in respect of trends in commodity prices and currency exchange rates; demand for
commodities; reserves and resources and production forecasts; expectations, plans, strategies and objectives of
management; expectations regarding financial performance, results of operations and cash flows, climate scenarios;
sustainability (including, without limitation, environmental, social and governance) performance-related goals, ambitions,
targets, intentions and aspirations; approval of certain projects and consummation and impacts of certain transactions
(including, without limitation, acquisitions and disposals); closures or divestments of certain assets, operations or facilities
(including, without limitation, associated costs); capital costs and scheduling; operating costs and supply of materials and
skilled employees; financings; anticipated productive lives of projects, mines and facilities; provisions and contingent
liabilities; and tax, legal and regulatory developments.
These forward-looking statements may be identified by the use of forward-looking terminology, or the negative thereof
including, without limitation, "outlook", "guidance", "trend", "plans", "expects", "continues", "assumes", "is subject to",
"budget", "scheduled", "estimates", "aims", "forecasts", "risks", "intends", "positioned", "predicts", "projects", "anticipates",
"believes", or variations of such words or comparable terminology and phrases or statements that certain actions, events
or results "may", "could", "should", "shall", "would", "might" or "will" be taken, occur or be achieved. The information in this
document provides an insight into how we currently intend to direct the management of our businesses and assets and
to deploy our capital to help us implement our strategy. The matters disclosed in this document are a 'point in time'
disclosure only. Forward-looking statements are not based on historical facts, but rather on current predictions,
expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of
operations, prospects, financial conditions and discussions of strategy, and reflect judgments, assumptions, estimates and
other information available as at the date of this document or the date of the corresponding planning or scenario analysis
process.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause actual results, performance or achievements to differ materially from any future events, results, performance,
achievements or other outcomes expressed or implied by such forward-looking statements. Important factors that could
impact these uncertainties include, without limitation, those disclosed in the risk management section of our latest
Annual Report and/or Half-Year Report, which can each be found on our website. These risks and uncertainties may
materially affect the timing and feasibility of particular developments. Other factors which may impact risks and
uncertainties include, without limitation: the ability to produce and transport products profitably; demand for our
products and commodity prices; development, efficacy and adoption of new or competing technologies; changing or
divergent preferences and expectations of our stakeholders; events giving rise to adverse reputational impacts; changes
to the assumptions regarding the recoverable value of our tangible and intangible assets; inadequate estimates of
resources and reserves; changes in environmental scenarios and related regulations, including, without limitation,
transition risks and the evolution and development of the global transition to a low carbon economy; recovery rates and
other operational capabilities; timing, quantum and nature of certain acquisitions and divestments; delays, overruns or
other unexpected developments in connection with significant projects; the ability to successfully manage the planning
and execution of closure, reclamation and rehabilitation of industrial sites; health, safety, environmental or social
performance incidents; labor shortages or workforce disruptions; natural catastrophes or adverse geological conditions,
including, without limitation, the physical risks associated with climate change; effects of global pandemics and
outbreaks of infectious disease; the outcome of litigation or enforcement or regulatory proceedings; the effect of foreign
currency exchange rates on market prices and operating costs; actions by governmental authorities, such as changes in
taxation or laws or regulations or changes in the decarbonisation policies and plans of other countries; breaches of
Glencore's policy framework, applicable laws or regulations; the availability of sufficient credit and management of
liquidity and counterparty risks; changes in economic and financial market conditions generally or in various countries or
regions; political or geopolitical uncertainty; and wars, political or civil unrest, acts of terrorism, cyber attacks or sabotage.
Readers, including, without limitation, investors and prospective investors, should review and consider these risks and
uncertainties (as well as the other risks identified in this document) when considering the information contained in this
document. Readers should also note that the high degree of uncertainty around the nature, timing and magnitude of
climate-related risks, and the uncertainty as to how the energy transition will evolve, makes it particularly difficult to
determine all potential risks and opportunities and disclose these and any potential impacts with precision. Neither
Glencore nor any of its affiliates, associates, employees, directors, officers or advisers, provides any representation,
warranty, assurance or guarantee as to the accuracy, completeness or correctness, likelihood of achievement or
reasonableness of any forward-looking information contained in this document or that the events, results, performance,
achievements or other outcomes expressed or implied in any forward-looking statements in this document will actually
occur. Glencore cautions readers against reliance on any forward-looking statements contained in this document,
particularly in light of the long-term time horizon which this document discusses in certain instances and the inherent
uncertainty in possible policy, market and technological developments in the future.
No statement in this document is intended as any kind of forecast (including, without limitation, a profit forecast or a
profit estimate), guarantee or prediction of future events or performance and past performance cannot be relied on as a
guide to future performance.
Except as required by applicable rules or laws or regulations, Glencore is not under any obligation, and Glencore and its
affiliates expressly disclaim any intention, obligation or undertaking, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. This document shall not, under any circumstances,
create any implication that there has been no change in the business or affairs of Glencore since the date of this
document or that the information contained herein is correct as at any time subsequent to its date.
Sources
Certain statistical and other information included in this document is sourced from publicly available third-party sources.
This information has not been independently verified and presents the view of those third parties, and may not
necessarily correspond to the views held by Glencore and Glencore expressly disclaims any responsibility for, or liability in
respect of, and makes no representation or guarantee in relation to, such information (including, without limitation, as to
its accuracy, completeness or whether it is current). Glencore cautions readers against reliance on any of the industry,
market or other third-party data or information contained in this document.
Information preparation
In preparing this document, Glencore has made certain estimates and assumptions that may affect the information
presented. Certain information is derived from management accounts, is unaudited and based on information Glencore
has available to it at the time. Figures throughout this document are subject to rounding adjustments. The information
presented is subject to change at any time without notice and we do not intend to update this information except as
required.
Subject to any terms implied by law which cannot be excluded, Glencore accepts no responsibility for any loss, damage,
cost or expense (whether direct or indirect) incurred by any person as a result of any error, omission or misrepresentation
in information in this document.
Other information
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this
document, "Glencore", "Glencore group" and "Group" are used for convenience only where references are made to
Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not
imply any other relationship between the companies. Likewise, the words "we", "us" and "our" are also used to refer
collectively to members of the Group or to those who work for them. These expressions are also used where no useful
purpose is served by identifying the particular company or companies.
Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 02-07-2025 05:25:00
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