Glencore signs standstill agreement with Bunge: WSJ

London-listed commodity trading house Glencore has signed a standstill agreement with Swiss-based agribusiness Bunge that prohibits it from staging a hostile bid for the firm, the Wall Street Journal reported Friday.

Glencore had approached the firm in May but was rebuffed and the emergence of the standstill agreement has been interpreted that a takeover could still go ahead after Bunge’s share price surged 7% on Friday to $72.36.

Both Bunge and Glencore declined to comment on the report, which stated that the standstill agreement that prohibits Glencore from buying any more shares in the company expires next year.