Bunge says it will not acquire Corn Products Int'l

Last week, Corn Products International, which refines corn for use in food and industrial products, said its board of directors would withdraw its recommendation to be taken over by agricultural company Bunge.

Under the terms of the agreement, Corn Products is obligated to reimburse Bunge for up to $10 million of its costs and expenses incurred in connection with the transaction. The deal was valued at $4.4 billion when it was announced in June.

"While we continue to believe in the long-term strategic benefits of a merger between Bunge and Corn Products, after careful consideration, we have determined that it would not be in the best interests of our company or shareholders to pursue the transaction at this time," said Alberto Weisser, Bunge's chairman and chief executive.

Shares of Corn Products fell 9 cents to $24.55, and shares of Bunge gained $1.15, or 2.6 percent, to $45.37.