|February 22, 2012|
Climate Change Capital set to be acquired by Bunge
|US agribusiness company Bunge has today agreed to acquire Climate Change Capital Group (CCCG), a year after the UK firm started looking for a partner to grow its sustainable asset management and advisory services.|
Bunge will pay an undisclosed amount "in the coming weeks" to take over CCCG's activities, after the deal was approved by shareholders and the Financial Services Authority (FSA).
The US firm produces ethanol and electricity from sugarcane and crushes oilseeds for the biofuels industry, but also provides financial, risk management and logistics services.
A CCCG spokesman told BusinessGreen it was very much "business as usual" for the company following the agreement.
Fee income derived from CCCG's advisory and asset management businesses will be consolidated in the new company, although funds owned by investors will continue to operate as a separate entity.
"Bunge's Financial Services Group has been active in carbon markets since their inception, both as a buyer of carbon credits and an advisor to other market participants," added Daniel Rudolph, managing director of Bunge Financial Services Group, in a statement.
"The transaction builds on this long-term presence, combining two established players in sustainability markets and advisory services to create an organisation with deep expertise and global reach."