(Bloomberg) -- Leading agricultural firm Bunge Ltd. is moving its domicile from Bermuda to tax haven Switzerland, joining a host of commodity traders.
Bunge, the world’s largest oilseed crusher, and other crop traders are capturing massive profits as a result of supply woes due to the war in Ukraine. Switzerland is a well-known tax haven for corporations as it has lower tax rates for individuals and corporations. Over the past few decades, several trading companies such as Louis Dreyfus, Raízen, Archer-Daniels-Midland Co., Chiquita and now Bunge, opened offices or representations there.
Bunge said “the change was made after an extensive review of its business operations and emerging trends in the global tax environment.” The company said its shares will continue to be listed exclusively in New York and St. Louis will still be the operational headquarters.
Recently, the company left Russia and bought more crushing capacity in Europe and South America as ways to strengthen its supply chain. The domicile change decision also comes after Continental Grain Co.’s Paul Fribourg left his seat on the board of Bunge.
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