Bunge to buy Argentina's largest soybean processor and exporter Vicentin

Argentina's largest soybean processor and exporter Vicentin announced on May 2 that the global agricultural commodities trader Bunge Ltd. is going to purchase the company.

The cash strapped Vicentin, which filed for bankruptcy on Feb. 10, 2020, had to sell its assets to repay creditors.

According to Vicentin, Bunge, along with other agricultural companies ACA and Viterra, will purchase the company's stakes and this has been approved by 50% of the creditors, making the buyout process official.

"This important announcement undoubtedly gives all participants in the bankruptcy process an additional amount of confidence and confirms that the actions that have been carried out so far in pursuit of reaching a solution that considerably alleviates the situation of all creditors have been successful and are adjusted to a sustainable project that will allow the company to maintain its operations and its sources of work," Vicentin said in a statement.

In June 2020, the Argentinian government had decided to acquire Vicentin, only to make a U-turn later, leaving the company to explore alternatives amid legal suits by creditors, which include major international banks.

Argentina is the world's largest exporter of soybean meal and oil and the 90-year-old Vicentin has played a major part in the country's ascendency in global oilseed processing trade.