Bunge board approves $700 million stock buyback
June 9, 2010
by Eric Schroeder
WHITE PLAINS, N.Y. — The board of directors of Bunge Ltd. on June 8 approved the repurchase of up to $700 million in common stock by the end of 2011.
“We remain focused on growing our business through a combination of organic growth and acquisitions,” said Alberto Weisser, chairman and chief executive officer. “However, following the recent closing of the sale of our Brazilian fertilizer nutrients assets, our strengthened financial profile also provides an excellent opportunity for us to return capital to shareholders.”
Shares of Bunge rose $1.06, or 2.2%, to $48.82 in aftermarket trading on June 8. During the day the stock had risen 31c to $47.76.