Bunge may jump to Switzerland
Bunge Limited, the American agribusiness and food company, is to hold an extraordinary general meeting of its shareholders on October 5 to consider a proposal to approve the redomestication of the company from Bermuda to Switzerland.
Bunge’s board of directors unanimously recommends the redomestication.
Other proposals that will come under consideration at the EGM include the acquisition of Viterra Limited, a Jersey company, as well as a proposal to approve the adjournment of the EGM to a later date to solicit additional proxies if there are insufficient votes at the time of the EGM to approve the redomestication or the acquisition.
Shareholders of record as of the close of business on August 3 are entitled to receive notice of and to vote at the EGM.
The company announced in December that its board of directors had unanimously approved moving its place of incorporation from Bermuda to Switzerland.
Under the proposal, Bunge would become a Swiss corporation. The proposed change is subject to various conditions, including shareholder approval.
The company said it had performed an extensive review of its business operations and emerging trends in the global tax environment.
Switzerland was determined to be the best jurisdiction in which to re-domesticate, the company said, because it allowed Bunge to align its corporate legal structure with its commercial operations, was more centrally located within its major markets and was home to many global companies.
In addition, Bunge said it has had substantial operations in Switzerland for more than two decades.
The company’s operational headquarters will remain in St Louis, Missouri.
If approved, Bunge would continue to be subject to US Securities and Exchange Commission reporting requirements.
Bunge shares would continue to be listed exclusively on the New York Stock Exchange under the symbol “BG”.
The company has almost 23,000 employees working across approximately 300 facilities in more than 40 countries.