Bunge Global SA (NYSE: BG) has announced the expansion of its existing share repurchase program. The company's Board of Directors authorized the repurchase of an additional $500 million of its issued and outstanding registered shares, in addition to approximately $800 million remaining available under the existing share repurchase program as of September 30, 2024. This brings the aggregate purchase authorization to approximately $1.3 billion.
Greg Heckman, Bunge’s Chief Executive Officer, stated that this expansion comes as a result of the proceeds from the sale of the company's interest in the sugar and bioenergy joint venture. The Expanded Program, with an indefinite term, allows for repurchases to be made through various means, such as open market transactions or privately negotiated deals.
It's important to note that the timing and number of shares repurchased will depend on factors including share price, general economic and market conditions. Additionally, the Expanded Program may be modified, suspended, or discontinued at any time without further notice.
Bunge, with its registered office in Geneva, Switzerland, and corporate headquarters in St. Louis, Missouri, has approximately 23,000 employees working across approximately 300 facilities in more than 40 countries.
The press release also provided a cautionary statement concerning forward-looking statements, emphasizing the risks, uncertainties, and factors that could cause actual results to differ from the forward-looking statements. The company does not have any obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances. The market has reacted to these announcements by moving the company's shares 2.9% to a price of $90.6. Check out the company's full 8-K submission here.
