Ben Toyrer

Ben Toyrer from Barclays asked for an update on the share buyback program related to the Viterra deal, specifically how much of the initial $2 billion consideration has been completed, and inquired about the opportunities and risks associated with Bunge's larger footprint in Argentina, considering the political environment, farmer selling behavior, and crushing operations.

Answer

John Knepel, Bunge's Chief Financial Officer, clarified that Bunge has completed over $2 billion in buybacks since the Viterra announcement, with $500 million related to a sugar divestment, and approximately $255 million remaining on the Viterra-specific program, which is ahead of schedule. Gregory Heckman, Chief Executive Officer, explained that the expanded Argentine footprint, especially in soy and soft crush, makes Bunge more globally balanced, allowing it to benefit from Argentine operations across all external segments, and expressed optimism for continued improvement in Argentina.

Ben Toyrer followed up on the share buybacks, asking for an update on the initial $2 billion consideration related to the Viterra deal. He then asked about the opportunities and risks associated with Bunge's larger footprint in Argentina post-Viterra, considering the country's political volatility and its impact on farmer selling behavior and crushing operations.

Answer

CFO John Knepel clarified that over $2 billion in buybacks have been completed since the Viterra announcement, with $255 million remaining on the Viterra program, which is ahead of schedule. CEO Gregory Heckman stated that the outcome of the Argentine election is expected to support improved macros. He highlighted that the new Bunge is more globally balanced, especially in soy crush, allowing the company to benefit across all external segments from its expanded Argentine footprint in origination, processing, and exports.