Bunge Ltd., White Plains, N.Y. announced that it is acquiring Corn Products International in a $4.4 billion stock deal. The aggregate transaction value is about $4.8 billion, including Bunge's assumption of about $414 million of Corn Products' net debt.

With the acquisition of Westchester, Ill.-based Corn Products International, Bunge adds sweeteners, starches and other ingredients to its portfolio of agribusiness, fertilizer, edible oil and milling products. Bunge is known in the baking industry primarily as a supplier of oils and shortenings.

“Combining with Corn Products provides a unique opportunity for Bunge to establish an integrated, global presence in the corn value chain, which is highly complementary to our existing operations,” said Alberto Weisser, Bunge chairman and C.E.O., in a company release.

Corn Products will become a wholly-owned subsidiary of Bunge, and Sam Scott, Corn Products chairman, president and C.E.O., will join Bunge's board of directors. Corn Products also will maintain its operational headquarters in Westchester, according to the release. The combined company will be well positioned to serve growing global demand for a broad array of agribusiness and food products. The global market for sweeteners and starches is growing at about 5 percent per year, Bunge adds.