Bunge Global SA (BG, Financial) has announced a significant expansion of its share repurchase program, as authorized by its board of directors on November 13, 2024. The company will repurchase an additional $500 million of its issued and outstanding registered shares, adding to the approximately $800 million already available under the existing program. This brings the total authorization for share repurchases to an impressive $1.3 billion.
The expanded program, which was initially authorized on June 13, 2023, continues to have an indefinite term. Bunge plans to execute these repurchases through various methods, including open market transactions, privately negotiated deals, or other means deemed appropriate, all in compliance with applicable legal requirements. The company may also utilize a written trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934, allowing for repurchases during periods when trading might otherwise be restricted.
The timing and volume of share repurchases will be influenced by several factors, such as the current share price, prevailing economic and market conditions, and other strategic considerations. Bunge retains the flexibility to modify, suspend, or discontinue the program at any time without prior notice, ensuring adaptability to changing market dynamics.
This strategic initiative underscores Bunge's commitment to enhancing shareholder value and reflects confidence in the company's long-term growth prospects. Investors and market participants will be closely monitoring the impact of this expanded repurchase program on Bunge's financial performance and stock valuation.
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