Bunge Global SA

Bunge Global SA is one of the world's largest agribusiness companies, connecting farmers to consumers across the global food, feed, and fuel supply chains. Operating in over 50 countries with approximately 34,000 employees, Bunge is a leading global oilseed processor, grain merchandiser, and seller of packaged plant-based oils, generating $91.8 billion in net sales over the trailing twelve months.

This is a story about scale, transformation, and the cyclical nature of agricultural margins. In July 2025, Bunge closed its acquisition of Viterra Limited in a transaction that roughly doubled its asset base overnight — issuing 65.6 million shares and paying $1.9 billion in cash to create what management calls the premier global agribusiness platform. The deal brought Argentina into balance with Bunge's North American and European soy and softseed operations, added a substantial grain merchandising footprint, and loaded the balance sheet with $14 billion of debt. Eighteen months later, the question is whether the combination earns its cost of capital through the cycle or whether the debt taken on to fund it becomes the defining constraint.

The file turns on a single question: can Bunge's expanded global platform generate enough through-the-cycle earnings to service its post-Viterra balance sheet while funding both the dividend and the growth investments that justify the merger premium?