Wastchester, Ill., Nov. 5, 2008 - Corn Products International, Inc. today announced that it notified Bunge Limited on November 4, 2008 of its Board of Directors' intent to withdraw its recommendation in favor of adoption of the previously announced merger agreement with Bunge and recommend against adoption of the merger agreement.
Pursuant to the merger agreement, which will remain in effect until terminated in accordance with its terms, the Board of Directors of Corn Products may withdraw or change its recommendation to adopt the merger agreement following at least five days notice to Bunge.
In the event that Corn Products withdraws or changes its recommendation of the merger, Bunge will have the right to require that Corn Products hold a meeting of its stockholders to vote on the adoption of the merger agreement or to terminate the merger agreement and seek reimbursement from Corn Products for up to $10 million of Bunge's expenses in connection with the merger.