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  "documentTitle": "Bunge Global SA (BG)",
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  "authorName": "Ben Axler",
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      "text": "Our concerns about Bunge's elevated audit fees are supported by direct evidence of a “Qualified Opinion” at its Spain subsidiary Bunge Iberica S.A.",
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      "text": "Our concerns about Bunge's elevated audit fees are supported by direct evidence of a “Qualified Opinion” at its Spain subsidiary Bunge Iberica S.A. In March 2024, Bunge announced it sold a 40% interest to Repsol for $300m and $40m of contingent payments. Curiously, when the transaction closed a year later, Bunge's SEC filings disclosed that the cash portion declined by $84m and the deferred amount increased $40m which suggests either continued deterioration of the business or friction between Bunge and Repsol. Spanish filings indicate the subsidiary's revenue declined -42% in 2024.",
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      "text": "In our opinion, except for the effects of the question described in the In the Basis for Qualified Opinion section of our report, the accompanying annual accounts present fairly, in all respects significant, the image faithful of the heritage and of the financial situation of the Society to December 31, 2024 — Deloitte Auditor Report. The attached report does not contain the information required by Article 260 of the Capital Companies Law and the General Accounting Plan, in relation to the amount of advances and loans, as well as salaries, allowances, pension obligations or payment of life insurance premiums and other remuneration of any kind accrued by the Directors and the members of the Senior Management of the Society in the exercises 2024 and 2023 — Deloitte Auditor Report.",
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      "text": "Source: “Repsol and Bunge Create Partnership in Spain to Boost Supply of Renewable Fuels”, Press Release, March 26, 2024; Bunge 10-K, and Spanish filings.",
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