CHICAGO, July 2 (Reuters) - Global agribusiness Bunge

Global ( BG ) said it officially closed a long-delayed deal to

merge with Glencore ( GLCNF )-backed Viterra on Wednesday, two

years after announcing the $34 billion mega-deal.

The merger creates a global crop trading and processing giant

that is poised to rival agribusiness giants

Archer-Daniels-Midland ( ADM ) and Cargill, at a time when

slumping grain prices, weak crop-processing margins and

geopolitical tensions have eroded profitability in the sector.

Bunge shares closed 1.4% higher on Wednesday.

The deal culminates a dramatic turnaround for Missouri-based

Bunge.

Just seven years ago, the two-century-old company struggled

through a particularly weak stretch of earnings results that

left it vulnerable to takeover attempts by rivals Glencore ( GLCNF ) and

ADM.

Investor pressure forced out Bunge's CEO Soren Schroder in late

2018, before Greg Heckman was appointed to lead the company in

April 2019.

Last month, China's market regulator granted conditional

approval for the merger, which cleared the final hurdle for the

deal.

Heckman will remain CEO of the combined company, and Bunge Chief

Financial Officer John Neppl will also keep his role, Bunge said

on Wednesday. Viterra CEO David Mattiske and Julio Garros,

Bunge's co-president of agribusiness, will be co-chief operating

officers.

The merger with Netherlands-based Viterra enhances Bunge's

grain exporting and oilseed processing businesses in the United

States, where it has a smaller presence than its larger rivals

ADM and Cargill, according to analysts.

The deal also expands Bunge's export capacity and physical

grain storage and handling footprint in major global wheat

suppliers Canada and Australia.