(Bloomberg) -- Bunge Global SA’s credit rating was raised by Fitch Ratings, putting the agriculture company further into investment grade as its $8.2 billion deal to acquire Glencore Plc-backed Viterra is looking more certain.
There is “increased certainty” that the deal will receive the necessary regulatory approvals after being cleared by most jurisdictions, the rating company said in a statement late Thursday.
The Bunge-Viterra combination got a much-needed victory last month, winning European Union approval after concessions by the firms allayed competition concerns. But the transaction, which was first announced more than a year ago, is taking longer than expected by Bunge as it is still pending a green light by other regulators, including in China and Canada.
“Fitch views Bunge’s merger agreement with Viterra as a transformative transaction that creates a leading global agribusiness-focused company with increased scale and diversification,” Fitch said.
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