Shares of Bunge Ltd (NYSE:BG) ended Friday session in red amid volatile trading. The shares closed down -1.26 points or -2.05% at $60.11 with 1.03 million shares getting traded. Post opening the session at $60.87, the shares hit an intraday low of $59.73 and an intraday high of $61.16 and the price vacillated in this range throughout the day. The company has a market cap of $8.53 billion and the numbers of outstanding shares have been calculated to be 139.44 million shares.
On Aug. 30, 2016 Bunge North America (“Bunge”), the North American operating arm of Bunge Limited (BG), announced it has reached a subscription agreement to invest in Grupo Minsa S.A.B. de C.V. (the “Company”), a leading corn flour producer, securing a controlling financial interest in the Company. The transaction is expected to close in early 2017, subject to the authorization of the Comisión Federal de Competencia Económica (Mexican Antitrust Commission), the successful delisting of the Company from the Mexican Stock Exchange, and other customary closing conditions.
As part of the transaction, Bunge will take management control of four mills in Mexico and two mills in the United States. The facilities have a combined annual processing capacity of 700,000 metric tons and produce a broad portfolio of branded corn flours and pre-mixes for tortillas and other goods.
“This investment enhances Bunge’s position in milling, an important contributor to our global Food & Ingredients business,” said Soren Schroder, CEO, Bunge Limited. “The operation is aligned with our core capabilities and increases the share of value added business in our overall portfolio.”
Shares of J M Smucker Co (NYSE:SJM) ended Friday session in red amid volatile trading. The shares closed down -0.69 points or -0.50% at $137.18 with 1.02 million shares getting traded. Post opening the session at $136.38, the shares hit an intraday low of $136.38 and an intraday high of $137.45 and the price vacillated in this range throughout the day. The company has a market cap of $16.15 billion and the numbers of outstanding shares have been calculated to be 116.42 million shares.
J M Smucker Co (SJM) on July 21, 2016 reported results for the second quarter ended June 25, 2016.
“We are pleased that we were able to grow both operating income and earnings per share at a significantly faster pace than revenue in the second quarter,” said Dunkin’ Brands Chairman and Chief Executive Officer Nigel Travis. “As for our five-part plan designed to drive Dunkin’ Donuts U.S. comparable store sales growth, while we are still in the early phases of implementation and have not yet seen an acceleration of top-line sales, we are making significant progress with our initiatives. We are especially delighted with our efforts to continue to build our coffee authority, as evidenced by the second quarter growth in our espresso category and the launch of our Cold Brew coffee, and we continue to improve the guest experience through digital technologies like On-The-Go mobile ordering that enables DD Perks members to order in advance and skip to the front of the line.”