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BG

Bunge

$80.40

2.84 (3.66%)

, ADM

Archer Daniels

$42.21

1.2505 (3.05%)

12:19
01/22/18
01/22
12:19
01/22/18
12:19

Credit Suisse says Archer may be trying to push Bunge to negotiating table

Credit Suisse analyst Robert Moskow said that by making its interest public via a Wall Street Journal report, Archer Daniels (ADM) might be trying to get Bunge (BG) to the negotiating table before its standstill agreement with Glencore (GLNCY) expires in February. He has heard speculation that Archer might just want to make sure Glencore pays up, but Moskow believes this approach sound like more than just "friendly fire," he tells investors. Given Archer Daniels' unleveraged balance sheet and significant overlap with Bunge, the analyst estimates $800M of headline synergies and a $90 per share price for Bunge are possible. Moskow keeps an Outperform rating and $84 price target on Bunge shares, which are up about 4% to $80.45 near midday.

BG

Bunge

$80.40

2.84 (3.66%)

ADM

Archer Daniels

$42.21

1.2505 (3.05%)

GLNCY

Glencore

$11.29

-0.02 (-0.18%)

  • 06

    Feb

  • 14

    Feb

BG Bunge
$80.40

2.84 (3.66%)

01/22/18
STFL
01/22/18
NO CHANGE
Target $43
STFL
Hold
Archer Daniels could pay upwards of $96 per share for Bunge, says Stifel
After The Wall Street Journal reported that Archer Daniels Midland (ADM) had made a takeover approach to Bunge (BG), Stifel analyst Vincent Anderson said that strategically he sees such a potential deal as a relatively logical fit given that Bunge's business would "go a long way" to diversifying Archer Daniels' geographic exposure. He believes that Archer Daniels can pay upwards of $96 per share for Bunge while still making an accretive deal, Anderson tells investors. While also adjusting his estimates ahead of its Q4 report, Anderson trimmed his price target on the stock to $43 from $44 and keeps a Hold rating on Archer Daniels.
01/22/18
BARD
01/22/18
NO CHANGE
Target $75
BARD
Neutral
Bunge takeover speculation could drive shares higher short-term, says Baird
Baird analyst Ben Kallo noted the WSJ article that said Archer Daniels (ADM) had approached Bunge (BG) with a takeover offer. Kallo noted this is the second possible suitor interested in the company with Glencore (GLNCY) having been rumored previously. He said with multiple bidders now reportedly interested, the chatter could lead to a short-term rise in Bunge shares. He also thinks this could be a positive catalyst for Archer Daniels even if they are not the winning bidder as the takeover would provide a value benchmark. Kallo has a Neutral rating on Bunge with a $75 price target on the shares.
01/22/18
SPHN
01/22/18
NO CHANGE
Target $72
SPHN
Equal Weight
Bunge could be valued at $90-$95 in takeover, says Stephens
After The Wall Street Journal reported that Archer Daniels Midlands (ADM) made a takeover approach to Bunge (BG), Stephens analyst Farha Aslam noted the prior reports that Glencore (GLNCY) had sought to buy Bunge last May and has a stand still agreement in place that expires in February. She believes that Bunge could be valued at $90-$95 in a takeover scenario and notes that synergies from a combination with Archer Daniels would likely be significant. Aslam keeps an Equal Weight rating and $72 price target on Bunge shares.
01/22/18
SBSH
01/22/18
NO CHANGE
SBSH
Citi sees $85-$100 per share as 'appropriate' deal price for Bunge
Citi analyst David Driscoll believes $85-$100 per share is an "appropriate" takeover price for Archer Daniels Midland (ADM) to pay for Bunge (BG). The Wall Street Journal on Friday reported that ADM has made a takeover approach towards Bunge. "Back of the envelope" deal math at the midpoint of the takeout range suggests accretion to ADM of 75c per share, 28% against a 2018 earnings per share of forecast of $2.70, Driscoll tells investors in a research note. He believes, however, that there could be some antitrust issues in ADM and Bunge's oilseed processing businesses in the U.S. and Europe. Antitrust hurdles in both countries are "likely high" for a possible combination, the analyst contends. Further, he believes that if ADM is unable to hold onto Bunge's North American and European crushing assets in a deal, the transaction would be less attractive.
ADM Archer Daniels
$42.21

1.2505 (3.05%)

GLNCY Glencore
$11.29

-0.02 (-0.18%)

05/24/17
FBCO
05/24/17
NO CHANGE
FBCO
Bunge CEO, board likely to engage Glencore, says Credit Suisse
Credit Suisse analyst Robert Moskow believes Bunge (BG) CEO Soren Schroder and the company's board will engage with Glencore (GLNCY) regarding a possible tie-up. Combining with Glencore "sounds like a logical way" to address the glut of grain supplies and the persistent problem of slow farmer-selling, Moskow told investors earlier in a research note. The analyst points out that Schroder himself said in the past that the industry needs to consolidate in order to improve returns. Moskow thinks $90-$95 per share is the "right range" for a buyout of Bunge. The stock, after rallying yesterday on news of Glencore's approach, is down 33c to $81.37 in morning trading. Moskow has an Outperform rating on the shares with an $80 price target.
12/15/17
JPMS
12/15/17
UPGRADE
JPMS
Overweight
Glencore upgraded to Overweight from Neutral at JPMorgan (yesterday)
JPMorgan analyst Fraser Jamieson yesterday upgraded Glencore to Overweight and added the shares to his firm's Analyst Focus List.

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ANW

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PCH

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NGD

New Gold

$2.58

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NGD

New Gold

$2.58

-0.05 (-1.90%)

17:57
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PSA

Public Storage

$186.31

-2.44 (-1.29%)

17:48
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HAIN

Hain Celestial

$34.68

-0.8 (-2.25%)

17:38
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ESNT

Essent Group

$46.84

-0.39 (-0.83%)

17:38
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DHCP

Ditech

$10.57

0.34 (3.32%)

17:33
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SIEN

Sientra

$11.21

0.08 (0.72%)

17:32
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ENLK

EnLink Midstream Partners

$16.36

0.03 (0.18%)

17:30
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ENLC

EnLink Midstream

$16.90

0.15 (0.90%)

17:28
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HAIN

Hain Celestial

$34.68

-0.8 (-2.25%)

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PGH

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DVN

Devon Energy

$34.65

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FTK

Flotek

$5.59

0.06 (1.09%)

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RCII

Rent-A-Center

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DVN

Devon Energy

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17:12
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DVN

Devon Energy

$34.65

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GSS

Golden Star Resources

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RAS

RAIT Financial

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MSA

MSA Safety

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