London-listed mining giant Glencore has approached US grains goliath Bunge for a takeover deal in a bid to boost its agriculture business, it emerged today.
The New York-listed company’s shares closed up 16.6 per cent at $81.70 after news of a possible acquisition broke.
Glencore offloaded a 49 per cent stake in its agriculture business last year to two Canadian pension funds for more than $3bn.
The commodities giant's interest in Bunge is seen as a move to boost its presence in the US agriculture market.
Earlier this month, Bunge CEO Soren Schroder told analysts the grain trader is open to large-scale tie-ups in the sector.
Glencore and Bunge could not be reached for comment.