(Reuters) - Agricultural trader Archer Daniels Midland Co made a takeover approach to rival Bunge Ltd , the Wall Street Journal reported on Friday, citing people familiar with the matter. http://on.wsj.com/2mSY8L0
Archer Daniels' move comes after Bunge rebuffed a takeover approach from rival Glencore last year.
Glencore and Bunge struck an agreement that temporarily prevents Glencore from making a hostile bid, according to news media reports.
Large grain traders have struggled in recent years as a global oversupply and thin trading margins have squeezed their core commodity trading operations, including those of Bunge, Archer Daniels, Cargill Inc and Louis Dreyfus Co.
Shares of Bunge, which has a market cap of $9.79 billion, closed up 11 percent at $77.56 on Friday.
ADM said it does not comment on "rumours or speculation", while Bunge was not immediately available for comment.
(Reporting by John Benny in Bengaluru; Editing by Maju Samuel)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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