ADM plans takeover of Bunge Ltd.?

Archer Daniels Midland Co. has made a takeover approach to Bunge Ltd., according to people familiar with the matter, setting up a possible bidding war after Glencore PLC earlier made an overture to the agricultural powerhouse, The Wall Street Journal writes.

Details of the ADM approach are unclear, and it is possible neither company would succeed in buying Bunge, which had a market value of about USD 9.8 billion as of Friday afternoon. ADM’s valuation was USD 22.6 billion.

Earlier it was reported that Bunge Ukraine was accused of tax evasion.