Statement from the Competition Council regarding the Economic Concentration Project involving the joint acquisition by the company “Repsol Industrial Transformation, S.L.U.”, ultimately controlled by the company “Repsol, SA”, of the company “Bunge Ibérica, SA”, by acquiring 40% of its share capital and associated voting rights, from and alongside “Koninklijke Bunge B.V”, a company indirectly owned and exclusively controlled by the company “Bunge Global SA”

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this statement does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• The indirect acquirer: The company “Repsol, SA”;
• The direct acquirer: The company “Repsol Industrial Transformation, S.L.U”;
• The target: The company “Bunge Ibérica, SA”.

Nature of the operation

• Joint control acquisition.

Economic sectors concerned

• Crude oilseed sector.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this statement, i.e., September 16, 2024.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received notification of an economic concentration operation concerning the acquisition by “Repsol Industrial Transformation, S.L.U.” of 40% of the share capital of “Bunge Ibérica, SA” from “Koninklijke Bunge B.V.”, a company indirectly and exclusively owned and controlled by “Bunge Global SA”. “Repsol Industrial Transformation, S.L.U.” is ultimately controlled by “Repsol, SA”. Following the proposed operation, the target will be jointly controlled by “Repsol SA” and “Bunge Global SA”.

“Repsol SA” is a Spanish multinational in the energy sector, active in the oil, gas, and electricity sectors, with its headquarters in Madrid, Spain. “Repsol SA” also has a division dedicated to renewable energies, including renewable fuels related to the proposed operation.

“Bunge Global SA” is an agri-food company listed on the New York Stock Exchange, headquartered in St. Louis, Missouri, United States. “Bunge Global SA” is mainly engaged in the sale of processed agricultural products, such as oilseed meals.

“Bunge Ibérica, SA” is an agri-food company based in Barcelona, Spain. It is primarily involved in oilseed processing and the production, distribution, and supply of vegetable oils, fats, and proteins. “Bunge Ibérica, SA” also produces biodiesel and derivative products.

 

Done in Rabat on September 5, 2024.