Bunge, Corn Products merger on track to close in fourth quarter

By Lisa Kerner

Charlotte, N.C., Sept. 3 - The Hart-Scott-Rodino waiting period expired in the proposed merger of Bunge Ltd. and Corn Products International, Inc.

The transaction remains subject to other customary closing conditions, including approval by the shareholders of both companies.

Bunge expects the transaction to close in the fourth quarter of 2008, a company news release said.

In June it was announced that Bunge would acquire Corn Products for $4.8 billion including assumption of about $414 million of Corn Products' net debt.

Under the companies' definitive merger agreement, Corn Products stockholders will receive a fraction of a common share of Bunge determined by dividing $56.00 by the volume-weighted average closing price of a Bunge common share on the New York Stock Exchange for the 15 trading days ending on the second trading day prior to the date of the Corn Products stockholders meeting, it was previously reported.

If this average closing price is equal to or greater than $133.10, each share of Corn Products common stock will be exchanged for 0.4207 of a Bunge common share.

Bunge said if the average closing price is equal to or less than $108.90, each share of Corn Products common stock will be exchanged for 0.5142 of a Bunge common share.

Corn Products, a corn refiner, will maintain its operational headquarters in Westchester, Ill., and continue to use the Corn Products brand name.

Bunge is a White Plains, N.Y., agribusiness and food company.

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