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  "documentTitle": "Bunge Global SA (BG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-25 00:00:00",
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      "kind": "callout",
      "text": "Really: Is This True? Then Why did Bunge issue 4-year EPS guidance in July 2022(1)",
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      "kind": "paragraph",
      "text": "Bunge's proxy statement makes a startling admission that Viterra, a business with ~$40bn of revenue, either had no long-range planning or projections or did not want to provide them in writing to Bunge's management as part of the due diligence process. Despite this glaring red flag, in our opinion, Bunge shelled out a staggering $10.6bn for Viterra. Bunge also qualified its projections claiming it does not provide detailed long-term public forecasts despite issuing 4-year EPS guidance the year prior.",
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      "text": "Viterra, in the ordinary course of business, does not prepare long-term financial projections, and consequently, Viterra could not provide Bunge with illustrative long-term financial projections in connection with the Acquisition — 2023 Proxy Disclosure",
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      "text": "Source: Proxy Statement. 1) See Mid-cycle Baseline Update (July 2022)",
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      "kind": "table",
      "text": "Viterra Financial Projections: Viterra, in the ordinary course of business, does not prepare long-term financial projections, and consequently, Viterra could not provide Bunge with illustrative long-term financial projections in connection with the Acquisition...",
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      "text": "Bunge Financial Projections: Bunge management does not as a matter of course publish detailed or long-term public forecasts or projections as to its future financial performance beyond the then-current fiscal year due to...",
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      "text": "Bunge Spent $10bn+ To Buy A Business With No Long-Term Financial Projections",
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