Publicly traded Bunge Limited of White Plains, New York, which is the world’s second-largest oilseed producer and an active buyer of carbon credits, is acquiring London-based Climate Change Capital, which manages a 750 million euro carbon fund. Terms of the deal aren’t being disclosed.
Bunge Limited (NYSE: BG) (“Bunge”), a leading global agribusiness and food company, and Climate Change Capital Limited (“CCC”), a U.K.-regulated sustainable asset manager and advisor, today announced that Bunge has agreed to acquire Climate Change Capital Group Limited (“CCCG”).
The transaction was approved by the U.K.’s Financial Services Authority (FSA) on February 20, 2012, and CCCG has obtained the required shareholder approvals to proceed. The transaction is expected to close in the coming weeks; financial terms will not be disclosed.
Daniel Rudolph, Managing Director, Bunge Financial Services Group, said, “Bunge’s Financial Services Group has been active in carbon markets since their inception, both as a buyer of carbon credits and an advisor to other market participants. The transaction builds on this long-term presence, combining two established players in sustainability markets and advisory services to create an organization with deep expertise and global reach. We also see strategic and operational synergies resulting from the combined business, including an enhanced ability to expand service offerings.”
James Cameron, Vice Chairman, CCC, said, “Bunge’s Financial Services Group is well-placed to support the best interests of existing investors and provide a stable platform to develop new investment opportunities. As the world’s population grows, putting pressure on scarce resources, there is a tremendous opportunity for companies like CCC and Bunge to work to transform the way societies cultivate, manufacture, distribute, consume and develop.”
Fee income derived from CCC’s advisory and asset management businesses will be fully consolidated for reporting purposes. Assets in CCC’s underlying investment vehicles are owned by the investors in the vehicles and are not subject to consolidation in Bunge’s financial statements.
About Bunge Limited
Bunge Limited (www.bunge.com, NYSE: BG) is a leading global agribusiness and food company with approximately 32,000 employees in more than 30 countries. 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 and corn to make ingredients used by food companies; and sells fertilizer in North and South America. Founded in 1818, the company is headquartered in White Plains, New York.
About Climate Change Capital Limited
CCC (www.climatechangecapital.com) manages investments in companies, projects and technologies that provide products or services facilitating climate change mitigation or adaptation. Its asset management group has focused on four asset classes: carbon finance, private equity, property and energy infrastructure. CCC also provides financial, strategic and policy advice to energy-intensive industries, financial institutions, clean technology companies and governments. Climate Change Capital Group Limited (CCCG) is the parent company of Climate Change Capital Limited (CCC).