Grain Trader Bunge's Shares Surge 16% On Report Of Glencore Approach

Shares of grain trader Bunge Ltd. jumped 16% Tuesday, after The Wall Street Journal said the company has been approached by commodities giant Glencore Plc for a possible takeover. It's unclear whether talks have advanced and no deal may materialize, but if one is agreed it would be large, said the paper. Bunge has a $10 billion market value, including debt, while its enterprise value is about $15 billion. Bunge shares have gained 12% in 2017, while the S&P 500 has gained 7%.