The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Manav Gupta - UBS Investment Bank, Research Division - Analyst
: I wanted to ask you -- I understand you're still negotiating your way through the Viterra deal. But have you had a chance to speak
with the bigger shareholders and present a proposition where they could become long-time shareholders of Bunge so they can
hold on to the stock even once the lock-in period is over.
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OCTOBER 26, 2023 / 12:00PM, BG.N - Q3 2023 Bunge Ltd Earnings Call
Question: Manav Gupta - UBS Investment Bank, Research Division - Analyst
: Perfect. My quick follow-up here is, I wanted to understand a little better what you see as a demand for refined versus unrefined
soybean oil. And the reason I'm asking this question is, some of these new units are coming up with PTUs, A, the PTUs are not up to
the mark, they're struggling. And B, what we have heard from some of the producers is that the PTU would be more for tallow and
some of the other very hard-to-process feedstocks. They may not be running unrefined soybean oil through it. So just trying to
understand that even with the PTUs, is there a possibility that we continue to see some demand growth on the refined soybean oil
side?
Question: Salvator Tiano - BofA Securities, Research Division - Analyst
: Yes. So firstly, I wanted to also ask about the CJ acquisition. If I heard correctly, you mentioned it was $600 million. And firstly, I want
to clarify because I think some reports from Korea, the price was under $400 million, $350 million or so. So what's the difference
between what the seller said and the price you mentioned? And given that it is a substantial acquisition, can you discuss a little bit
some of the metrics, perhaps the expected contribution to profitability, the volumes that are being processed or anything else that's
relevant?
Question: Salvator Tiano - BofA Securities, Research Division - Analyst
: Perfect. And I just wanted to follow up a little bit and ask about international crush margins that haven't really been great. And if
you can just give us an update where are things today in your key non-U.S. regions versus where they were on average for Q3?
Question: Thomas Hinsdale Palmer - JPMorgan Chase & Co, Research Division - Analyst
: Maybe I'll follow up on soybean oil and kind of what you're seeing. I know you just referenced it, but we have seen some pricing
weakness as we look out over the past month or 2 in the U.S. Do you think this is -- is anything in terms of eroding demand? Is it
more supply driven? And kind of how do you see this playing out over the next couple of quarters or so? Because it did sound like
you're pretty positive on overall demand picture, but at least what we're seeing in pricing would suggest some degree of imbalance.
Question: Thomas Hinsdale Palmer - JPMorgan Chase & Co, Research Division - Analyst
: And then just on the M&A side, you do have in your presentation, the reference to smaller scale M&A. Just any update in terms of
businesses or assets that might make sense, areas of your business. And then what are you seeing in terms of seller expectations?
Do you think they appropriately reflect market conditions in the interest rate environment?
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