ST. LOUIS, MISSOURI, US — The Bunge Ltd. board of directors has unanimously approved a proposal to move the global agribusiness’ place of incorporation from Bermuda to Switzerland. Bunge’s operational headquarters will remain in St. Louis, Missouri, US.

The proposed change, announced Dec. 8, is subject to various conditions, including shareholder approval, which Bunge expects to seek in 2023. If approved, Bunge would continue to be subject to US Securities and Exchange Commission reporting requirements. Bunge shares would continue to be listed exclusively on the New York Stock Exchange under the symbol “BG.”

The Bunge board said it extensively reviewed it business operations and emerging global tax environment ahead of this proposal. Switzerland was determined to be the best jurisdiction for Bunge to align its corporate legal structure with its commercial operations in located centrally within its major markets. In addition, Bunge has had substantial operations in Switzerland for more than two decades. 

Bunge has almost 23,000 employees working across approximately 300 facilities — including grain elevators, oilseed processing plants and port terminals — located in more than 40 countries. In the third quarter ended Sept. 30, Bunge reported net income of $380 million while raising the company’s earnings outlook for 2022.

Bunge relocated its global headquartersfrom White Plains, New York, US, to St. Louis in 2020.