Under the merger terms, Glencore has received 32.8 million shares in Bunge, representing 16.4% of the enlarged company, and approximately $900m, subject to later adjustment.
“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,” it said in a statement.
Glencore intends to commence a share buyback programme, underpinned by the value of this shareholding, of up to $1bn, representing less than 40% of the current market value of the shares.
It plans to start the buyback on Monday, 7 July and complete it by the release of its financial results for the 2025 financial year in February 2026.
