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Bunge seeks IPO for Brazilian sugar mill operations

Bunge Ltd. said May 15 that it filed a registration request with the Brazilian Securities Commission for a potential initial public offering of its Brazilian sugar mill business.

The New York-based agribusiness company obtained debt financing for its Brazilian unit to prepare it to operate on its own as the parent company looks to focus on its food and ingredient businesses.

After IPO, Bunge will be the majority shareholder of the sugar mill business so it can participate in the unit's growth.

On May 8, Bunge reportedly hired the banking units of JPMorgan Chase & Co., Itaú Unibanco Holding SA and Banco Santander (Brasil) SA to help lead preparations for the IPO.