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