Wednesday, February 22, 2012

WTF? "Bunge to Buy Climate Change Capital" (BG)

I'm still trying to figure out why the ICE didn't get sued for bailing out Al Gore, Goldman Sachs and President Obama's pal Richard Sandor by way of their $604 million purchase of Climate Exchange, PLC..
From Reuters:

UPDATE 1-Bunge to buy Climate Change Capital
Says financial terms will not be disclosed 
U.S. agricultural commodity trader Bunge on Wednesday said it will buy UK-based investor Climate Change Capital (CCC) for an undisclosed price after the transaction was approved by the UK's financial regulator earlier this week.

The sale comes at a time when the balance sheet of CCC, a once high profile investor in carbon offsets, has been damaged by a plunge in the benchmark U.N.-backed carbon price to a record low below 4 euros ($5.31) a tonne late last year.

The UK's Financial Services Authority (FSA) approved the transaction on Monday, while CCC has obtained the required shareholder approvals for the deal to proceed, Bunge said in a joint statement with CCC.
"The transaction is expected to close in the coming weeks; financial terms will not be disclosed," the statement said.

Last week, James Cameron, founder and vice chairman of CCC, told Reuters the company was being sold "at a low point" in its valuation....MORE
It sure as hell better be.
As a side note, we don't own any Bunge but think it would be a good fit with either Louis Dreyfus or Glencore.