Bunge Ltd to Combine with Viterra Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Thomas Hinsdale Palmer - JPMorgan Chase & Co, Research Division - Analyst : Congrats. So you've laid out for 2026, your earnings outlook of $11 or potentially even $12 per share. The cash outlay here is obviously bigger than the $3.3 billion you laid out in your earnings framework. And I guess, given this higher spend, should we expect the transaction to be additive to this '26 outlook? I realize you may not be prepared today to quantify it but maybe just clarify that piece of it. And then secondarily, to what extent, if any, this changes maybe the prior capital allocation plans, especially when it comes to the CapEx projects?

Question: Thomas Hinsdale Palmer - JPMorgan Chase & Co, Research Division - Analyst : Okay. And then just maybe a question on kind of how you arrived at the valuation. How you guys are thinking about the multiple and whatnot?

Question: Manav Gupta - UBS Investment Bank, Research Division - Analyst : I only have one question. Moving back to Slide 15. I know you talked a little bit about it but can we get some more views on why moving from this current model for Bunge to a combined model is better? And then also why is it good for Viterra, why should they be excited about the fact that their -- the combined business will be more stable because you would want them to become your long-term shareholder? So if you can just talk a little more about Slide 15 here.