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Bunge shares jump after WSJ reports Glencore standstill agreement

From Reuters - October 13, 2017

Oct 13 (Reuters) - Shares of U.S. commodities trader Bunge Ltd surged on Friday after the Wall Street Journal reported that Glencore PLC had a standstill agreement that temporarily prevents the Swiss company from making a hostile bid for Bunge.

Bunge had rebuffed a takeover approach by Glencore in May. Speculation has swirled for months that Glencore would make another takeover approach. The standstill agreement suggests it is still interested in a deal and may be only biding its time, the newspaper said.

The standstill agreement, in which Glencore agreed with Bunge not to buy any more Bunge shares or make an unsolicited takeover approach, expires early next year, it said, citing sources.

Glencore declined to comment on the story. Bunge did not immediately reply to a request for comment.

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