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Glencore to make new takeover bid for Bunge

Apr 20, 2018 at 07:41 AM CST

Bunge (BG +0.9%) jumps as much as 2.7% in early trading as Glencore (OTCPK:GLCNF, OTCPK:GLNCY) is rumored to seek a new takeover bid for the U.S. grain trading group.

Traders are speculating that Glencore could soon make another play for BG "with a hefty premium rumored to be needed for the commodity giant to deliver a knockout blow amid fierce bid competition," according to The Telegraph.

Archer Daniels Midland's (ADM +0.5%) attempt for BG has fizzled, and Glencore is now free from a standstill deal which had prevented it from making its own bid, the report notes.