Agribusiness and food company, Bunge has confirmed 100 percent acquisition of Climate Change Capital Group (CCCG) for an undisclosed amount.
The acquisition may lead to staff cuts in Climate Change Capital Ltd as Bunge plans to reduce costs after its purchase. A company spokesperson reportedly mentioned that Bunge, which in February announced it was acquiring CCC, is carrying out an assessment of the latter's various business lines before making any decisions on staffing levels.
Following the acquisition, Alfred Evans was named the new CEO of the company while James Cameron, CCC's Vice Chairman replaced Vivienne Cox as Chairman. Since 2005, Evans was Bunge's advisor on its internal emission reduction initiatives, had overseen emission reduction services provided by Bunge's Ecoinvest Carbon subsidiary and served as Chief Investment Officer for the Bunge Emissions Group's emissions assets.
"There will be cost reductions before the end of the month," Alfred Evans told Bloomberg in a phone interview from Geneva. Low carbon prices probably represent a buying opportunity and Bunge is building a global climate-protection business, Evans said.
Founded in 1818, Bunge Limited has approximately 32,000 employees in more than 30 countries worldwide. Apart from being a leading global soybean exporter it is also involved in food processing, grain trading, and fertilizer.
Back in February 2012, Daniel Rudolph, Managing Director, Bunge Financial Services Group mentioned that since its inception, the group has been involved in carbon markets both as a buyer of carbon credits and an advisor to other market participants.
"The transaction builds on this long-term presence, combining two established players in sustainability markets and advisory services to create an organization with deep expertise and global reach. We also see strategic and operational synergies resulting from the combined business, including an enhanced ability to expand service offerings," Rudolph earlier stated.
CCC, which was founded in October 2003, was a pioneer in carbon and sustainability asset management, and manages around $1.4 billion in carbon, property and private equity funds.
Although the precise financial values were not released, newly appointed Chairman, Cameron had reportedly mentioned that the deal is worth less than £50 million.