Press release from PR Newswire
OCP to Buy Out Bunge's Stake in Bunge Maroc Phosphore Joint Venture
Thursday, September 05, 2013
OCP to Buy Out Bunge's Stake in Bunge Maroc Phosphore Joint Venture16:05 EDT Thursday, September 05, 2013
WHITE PLAINS, N.Y. and CASABLANCA, Morocco, Sept. 5, 2013 /PRNewswire/ -- OCP Group ("OCP") and Bunge Limited (NYSE: BG) ("Bunge") today announced they have reached an agreement for OCP to acquire Bunge's 50% ownership interest in their Moroccan fertilizer joint venture.
The joint venture, Bunge Maroc Phosphore S.A. ("BMP"), was formed in 2008 to produce fertilizers in Morocco and serve as an additional source of phosphate-based raw materials and intermediate products for Bunge's fertilizer businesses in South America.
"Bunge Maroc Phosphore has played an important role in meeting our fertilizer supply needs in South America," said Soren Schroder, Chief Executive Officer, Bunge Limited. "However, with the sale of our fertilizer business in Brazil, the opportunity for OCP to acquire our interest in the joint venture at this time makes strategic sense for both parties."
"Bunge Maroc Phosphore has been a key component of OCP's strategy and commitment in Latin America. This acquisition further reinforces that commitment. Furthermore, we will now be able to fully integrate BMP in OCP's production system which will provide for greater industrial optimization of the Jorf industrial platform," said Mhamed Ibnabdeljalil, EVP and Chief Commercial Officer.
The transaction is expected to close by the end 2013, subject to customary closing conditions, including regulatory approval in Brazil.
OCP Group which is one of the world leaders in the phosphate industry and its derivative products is a major operator in the international market since 1920. Present across the value chain, OCP extracts, markets and sells phosphate and its derivative products. The Group has generated revenues of 59,3 billion of MAD in 2012. It employs a direct workforce of over 23,000 employees and substantially contributes with its mining and industrial facilities and through its different programs and projects, to the development of several regions of the Kingdom of Morocco. For further information see www.ocpgroup.ma.
About Bunge Limited
Bunge Limited (www.bunge.com, NYSE: BG) is a leading global agribusiness and food company operating in over 40 countries with approximately 35,000 employees. Bunge buys, sells, stores and transports oilseeds and grains to serve customers worldwide; processes oilseeds to make protein meal for animal feed and edible oil products for commercial customers and consumers; produces sugar and ethanol from sugarcane; mills wheat, corn and rice to make ingredients used by food companies; and sells fertilizer in South America. Founded in 1818, the company is headquartered in White Plains, New York.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains both historical and forward-looking statements. All statements, other than statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are not based on historical facts, but rather reflect our current expectations and projections about our future results, performance, prospects and opportunities. We have tried to identify these forward-looking statements by using words including "may," "will," "should," "could," "expect," "anticipate," "believe," "plan," "intend," "estimate," "continue" and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. The following important factors, among others, could affect our business and financial performance: industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products used in our business; fluctuations in energy and freight costs and competitive developments in our industries; the effects of weather conditions and the outbreak of crop and animal disease on our business; global and regional agricultural, economic, financial and commodities market, political, social and health conditions; the outcome of pending regulatory and legal proceedings; our ability to complete, integrate and benefit from acquisitions, dispositions, joint ventures and strategic alliances, including the closing of the transaction discussed in this press release; our ability to achieve the efficiencies, savings and other benefits anticipated from our cost reduction, margin improvement and other business optimization initiatives; changes in government policies, laws and regulations affecting our business, including agricultural and trade policies, tax regulations and biofuels legislation; and other factors affecting our business generally. The forward-looking statements included in this release are made only as of the date of this release, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.
SOURCE Bunge Limited
For further information: For Bunge Limited, Investors: Mark Haden, firstname.lastname@example.org, 914-684-3398; Media: Susan Burns, email@example.com, 914-684-3246; or For OCP Aïcha El Hammoumi, Communication Director, a.ELHAMMOUMI@ocpgroup.org, +212 522 92 41 26