Acquisition to sweeten Bunge's product portfolio

Bunge Ltd, the world's largest oilseed processor, agreed to buy Corn Products International Inc for $4.2 billion in stock to add ingredients used in beverages and breakfast cereals.

Bunge will pay the equivalent of $56 for each share of Westchester, Illinois-based Corn Products, Bunge said yesterday. That represents a 31 percent premium to Corn Products' closing share price of $42.90 on June 20.

Corn Products will give Bunge production of high-fructose corn syrup and food additives. Corn Products sells to customers including Coca-Cola Co and PepsiCo Inc. In April, it said first-quarter profit advanced 29 percent to $64.3 million.