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  "documentTitle": "Bunge Global SA (BG)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2026-03-25 00:00:00",
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  "notes": "The slide uses a 'villain' narrative by linking Viterra's history with Glencore's legal issues.",
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      "text": "We see the possibility that Bunge was bamboozled by Glencore, which is a sophisticated and controversial counterparty that owned Viterra since 2012, and who pled guilty to bribery and market manipulation charges with the U.S. Dept. of Justice in 2022 for $1.1bn.",
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      "text": "Viterra reported a financial restatement in 2021 for essentially booking financing transactions as revenue. Bunge says nothing about being reunited with Gavilon... Bunge's proxy statement makes a startling admission... Bunge's 2025E Adj. EBITDA...",
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      "text": "Potential Downside Risk: 55% – 80%",
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      "text": "Based on our forensic analysis, we believe Viterra has wildly underperformed expectations and that Bunge's core revenue growth last year of ~4% underperformed industry growth of ~6.3%. We see the possibility that Bunge was bamboozled by Glencore...",
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      "text": "We Are Short Bunge Global SA (NYSE: BG) And See Approximately 55% – 80% Potential Downside Risk",
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