Bunge Limited Announces Corporate Restructuring in Brazil

Business Wire, Nov 21, 2001

Business Editors

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Nov. 21, 2001

Bunge Limited (NYSE: BG) today announced a corporate restructuring of its Brazilian subsidiaries.

The restructuring involves the merger of Bunge Fertilizantes, SA and Bunge Alimentos, SA into a third subsidiary, Serrana, SA. The resulting entity will be renamed Bunge Brasil, SA. The transaction is expected close before March 31, 2002.

The restructuring will reduce the number of Bunge Limited's publicly traded subsidiaries in Brazil from four to two: Bunge Brasil, SA and Fosfertil, SA. Bunge believes that the restructuring will simplify its corporate structure, improve communication with local financial markets and increase liquidity for minority shareholders.

Under Brazilian securities law, the restructuring will require that Bunge's subsidiaries offer "withdrawal rights" to shareholders affected by the restructuring, pursuant to which the companies will be required to buy back and cancel shares at their book value. The company cannot estimate how many subsidiary shares it will be required to buy back and cancel due to shareholders exercising such rights. The company does not believe that the restructuring will have a dilutive impact on Bunge Limited's earnings per share.

About Bunge Limited

Bunge Limited (www.bunge.com) is an integrated, global agribusiness and food company operating in the farm-to-consumer food chain with primary operations in North and South America and worldwide distribution capabilities. Headquartered in White Plains, New York, Bunge has over 17,000 employees and operations in 17 countries. The Company is the largest processor of soybeans in the Americas and the largest producer and supplier of fertilizers to farmers in Latin America.

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