Bunge Is Open to Talks With Glencore, ADM as CEO to Leave
The imminent exit of CEO Soren Schroder, who had resisted approaches by suitors including Glencore Plc, comes little more than a month after the agricultural trading house reached an agreement with activist investors seeking to improve performance, the person said, asking not to be named ahead of an announcement. Bunge, which has struggled to navigate a years-long agricultural downturn and more recently a trade war between the U.S. and China, is open to reengaging with both Glencore and Archer-Daniels-Midland Co., the person said. ADM and a unit of Glencore held merger talks with Bunge in 2017 and earlier this year without reaching a deal. While Bunge isn’t actively seeking new talks, the fact that it doesn’t plan to appoint a new permanent CEO immediately creates an opportunity for rivals to re-approach the 200-year-old firm, the person said. Bunge intends to search inside and outside the company for a replacement in a process that doesn’t have a fixed deadline, the person said.