The proposed US$4.4bn merger of agro-giant Bunge and Corn Products international has been terminated.


Bunge dropped its plans to acquire its smaller rival after the board of Corn Products withdrew support for the deal.


“Corn Products withdrew a recommendation to pursue the acquisition as both companies watched the value of their shares tumble from when the merger was announced,” the company said in a statement.


Shares in Bunge have dropped about 64% since the acquisition was announced in June, trading at $42.49 at 4.05pm (GMT) today (12 November). Corn Products shares have lost approximately 44% of their value, trading at $24.41.


Under the terms of the merger agreement, Corn Products will reimburse Bunge costs of up to $10m in connection to the deal.