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Wall Street Breakfast: Must-Know News
Posted on June 23, 2008
Bunge and Corn Products to Combine. Bunge (BG) agreed to acquire corn syrup maker Corn Products (CPO) for $4.4B in stock - a 31% premium. CPO gives Bunge a presence in nearly every stage of the corn-value chain. Separately, Bunge (BG) raised its 2008 EPS forecast to $9.35-9.65 from $7.10-7.40. Bunge remains #3 global agribusiness company by revenue, behind Cargill and Archer Daniels Midland (ADM), but it gains a much stronger corn presence. Corn Products shareholders will own 21% of Bunge. 6,500 could see pink at Citi. Citigroup (C) will make aggressive layoffs in its investment-banking uni...
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