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Bunge, Viterra offer concessions seeking EU approval for $34 bln merger
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Bunge, Viterra offer concessions seeking EU approval for $34 bln merger
Jul 12, 2024 4:55 AM

BRUSSELS, July 12 (Reuters) - U.S. grains merchant Bunge

and Glencore ( GLCNF )-backed Viterra have offered

concessions aimed at winning EU antitrust approval for their $34

billion merger, the European Commission website showed on

Friday.

The companies announced their merger a year ago in a

challenge to global giants Archer-Daniels-Midland ( ADM ) and

Cargill.

The European Commission, which did not provide details of

the concessions in line with its policy, extended its deadline

for a decision to Aug. 1 from July 18.

A spokesperson for Bunge said the company was in

constructive discussions with the European Commission, and

confirmed it offered concessions without specifying what they

were.

"We are confident that the commitments we have offered

address the areas of concern expressed by the Commission, which

are limited to specific markets," the spokesperson said.

The European Commission is expected to seek feedback from

rivals and customers before deciding whether to accept the

concessions or demand more. It can open a four-month

investigation if it has serious concerns.

The deal has triggered concerns from the Canadian

competition watchdog and farm groups. It requires regulatory

clearance in North America, South America and China.

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