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Bunge Limited 24 June 2008

Company News Alert

Bunge Limited to acquire Corn Products International

NYSE BUY On 21 June 2008, Bunge Limited (Bunge) entered into an agreement to buy Corn Products
International, Inc. (Corn Products) for approximately US$4.8 bn, which includes assuming US$414 mn
Common of Corn Products's debt, making two of the US’ oldest agricultural businesses one single entity. As the
deal is subject to approval by regulators and shareholders of both the companies, we have not
Stock incorporated this transaction into our valuation and therefore maintain our current BUY rating for the
Ticker: BG NYSE common stock.
Target Price: US$137.15
Current Price: US$110.70
Price change (4.1%)
since last report
We will reassess the rating for the NYSE stock in our next update report.

European BUY We upgrade the European stock from a HOLD to a BUY, based on our anticipation of a positive
currency impact on the European stock. We expect to revert to a 6-24 month investment horizon in our
Stock next update report, as we now anticipate a significant currency impact in the medium term.

Ticker: BU3.F
Target Price: €80.73
Current Price: €69.70
Price change (6.4%) We will reassess the European stock rating in our next update report.
since last report

Supervisor: Jinesh Joshi

Analyst: Saurabh Jain
Editor: Matthew Bridle
Global Research Director:
Satish Betadpur, CFA
Next news due:
2Q 08 results, 24 July 2008
Investment horizon - short term actionable trading strategies
This report addresses the needs of strategic investors with a long term investment horizon of 6-12 months.
If this report is provided to you by your broker under the Global Settlement, you may now also access (free of
charge) the short term trading outlook that we publish from time to time for this issuer, looking at the
coming 5-30 days for readers with a shorter trading horizon. These are available on-line only at
www.researchoracle.com.

On 23 June 2008, Bunge announced its intentions to buy Corn Products for US$4.8 bn, linking two of
the oldest agricultural businesses in the US into a single entity. Bunge will also assume US$414 mn of
Corn Products’ debt. According to the offer, Corn Products’ shareholders are promised US$56.0 for
each Corn Products’ share (a 10% premium to Corn Products’ closing price of US$50.75 on 23 January
2009) providing Bunge’s stock trades between US$108.90 and US$133.10. The deal is subject to
approval from regulators and shareholders. According to the press release, the company expects to
close the deal in the fourth quarter of 2008.

The deal, if approved, is likely to establish Bunge as a key player in the market for sweeteners,
starches and other ingredients, which have enjoyed price increases of 5% each year. Although we
believe that the acquisition is a positive development for the company, as the deal is still subject to
approval by regulators and shareholders of both the companies, we have not incorporated its into our
valuation. In light of these factors we maintain our BUY rating for the common stock. In addition, Bunge
upgraded its EPS guidance from US$7.10-US$7.40 to US$9.35-US$9.65.

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