12:31 PM EDT, 08/01/2024 (MT Newswires) -- (Updates with additional details in the third to fifth paragraphs.)

The European Commission has conditionally approved Bunge's (BG) proposed acquisition of Viterra, according to a statement Thursday.

The approval comes as both sides agreed to divest Viterra's oilseed businesses in Hungary and Poland to allay the EC's concern of reduced competition in the markets for oilseeds following the merger.

"These commitments fully address the competition concerns identified by the commission, by removing the horizontal overlaps and vertical links between the parties' oilseed businesses in the concerned territories," the EC said in a statement.

The EC said its decision was conditional upon both sides fully complying with their commitments.

Bloomberg previously reported that the merger is expected to close by the end of the year, a delay from the mid-2024 target, as it is pending regulatory approval in other regions.

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