Global agribusiness giant Bunge has formed a partnership with French grains and oilseeds originator BZ Group.
As part of the agreement, which is subject to customary closing conditions and regulatory approval, Bunge would acquire 49% of BZ Group while the Beuzelin family would retain the remaining 51% share, Bunge said on 22 November.
Based in Normandy, the BZ Group originates products from a large network of independent farmers and also sources grains, oilseeds and pulses from suppliers in the northwest of France to export via its port terminal in Rouen.
Bunge said the two countries had developed a strong relationship after working together for a number of years and the move to combine BZ’s expertise in the French market with Bunge’s global reach was a natural progression.
The partnership was expected to strengthen operational and commercial cooperation in an increasingly volatile and demanding market environment, Bunge said, and would also provide the opportunity to expand the facility in the port terminal in Rouen.
“This partnership will strengthen our global network and allow us to provide customers with a broad portfolio from the most important origins,” Bunge co-president, agribusiness, Christos Dimopoulos said.
BZ Group chairman and CEO Florent Beuzelin said the partnership would offer the company development prospects while staying “true to its agricultural roots”.