Live news: Bungee shares jump on news of merger talks with Vitera

Shares in the world’s biggest oilseed processor Bunge rose 5 per cent on Thursday after reports of preliminary deal talks with Glencore-backed grain trader Viterra.

A potential merger, first reported by Bloomberg, would create an agribusiness powerhouse rivaling Cargill and Archer-Daniels Midland.

St. Louis-based Bunge, which generated $1.6bn in net income last year, buys and sells grain around the world, as well as owns a network of processing and storage facilities.

Vitera, formerly known as Glencore Agriculture, had previously approached Bunge about a possible deal in 2017. Vitera reported net income of $1 billion last year.

Glencore and Bunge declined to comment. Vitara did not respond to a request for comment.