Bunge Limited today issued the following statement in response to a notification from Corn Products International, Inc. (NYSE: CPO) that the Corn Products Board of Directors intends to withdraw its recommendation of support for the company's merger agreement with Bunge:
"We are disappointed by the Corn Products Board's decision," said Alberto Weisser, Bunge Limited's Chairman and Chief Executive Officer. "Despite the effect of unprecedented turmoil in the equity markets on our companies' stocks, Bunge's Board of Directors and management continue to believe a merger with Corn Products as currently structured would deliver significant value over the long-term to shareholders, employees and customers of both organizations. Consequently, we have no intention of revising the terms of the transaction. We intend to evaluate carefully, with the best interests of Bunge's shareholders in mind, our options of either terminating the agreement or proceeding to shareholder votes under the existing agreement."
Bunge expects to announce its intended course of action promptly.