Glencore Plc has a standstill agreement that temporarily prevents it from making a hostile bid for grain trader Bunge Ltd., The Wall Street Journal reported Oct. 13, citing people familiar with the matter.

In May, Bunge rebuffed a takeover approach by Glencore, but this agreement could mean that the Swiss trader may renew its efforts to make an acquisition upon its expiration in early 2018.

The standstill agreement was part of discussion for a smaller deal, in order for Glencore to gain access to confidential information. Glencore subsequently made it known to Bunge that it was interested in a full acquisition of the grain trader.

At Bunge's market value, a deal for the firm would likely carry a price tag of more than US$10 billion, according to the report.