[SCHEDULE 13D] Bunge Global SA SEC Filing

Q: How many Bunge Global SA shares does CPPIB own?

26,244,732 registered shares , representing approximately 13.1 % of outstanding shares.

Q: What board rights does CPPIB receive under the Shareholder's Agreement?

CPPIB may nominate two directors while its stake is ≥10 %, and one director while the stake is between 5 % and 10 %.

Q: When can CPPIB sell its BG shares?

A one-year lock-up prevents most sales until 2 July 2026; afterwards CPPIB has demand and piggyback registration rights for up to seven years.

Q: Is CPPIB allowed to increase its BG stake?

A standstill cap of 19.9 % applies until CPPIB’s holding falls below 7 % of outstanding shares.

Q: What consideration did CPPIB receive at closing?

In addition to shares, CPPIB received US $716,004,672.13 in cash on the 2 July 2025 closing date.

Q: Does CPPIB have any legal proceedings that could affect BG?

The filing states that no reporting person has faced relevant criminal or civil judgments in the past five years.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

SCHEDULE 13D

Rhea-AI Filing Summary

Canada Pension Plan Investment Board (CPPIB) and three wholly-owned holding vehicles have filed a Schedule 13D disclosing ownership of 26,244,732 registered shares of Bunge Global SA ("BG"), equal to 13.1 % of the company’s outstanding share capital as of 2 July 2025. The stake was received on the closing of Bunge’s previously announced business-combination with Viterra Limited. In exchange for its pro-rata Viterra holding, CPPIB Monroe Canada, Inc. — the direct shareholder — also received a cash consideration of US $716,004,672.13, alongside the BG shares.

Key terms attached to the new holding

Board representation: CPPIB Monroe may nominate two directors while the group’s ownership remains ≥10 % of BG and one director while ownership is ≥5 % but <10 %.
Lock-up: A customary one-year lock-up restricts sales of the stake until 2 July 2026, with limited exceptions.
Standstill: CPPIB Monroe is prohibited from increasing its position above 19.9 % until its holding falls below 7 %.
Transfer restrictions: No transfers to competitors or activist investors; non-solicitation and non-compete covenants extend for up to three years (or six months after CPPIB loses board representation).
Registration rights: A separate Registration Rights Agreement obliges BG to register the 26.2 m shares for resale and to facilitate underwritten or block transactions at CPPIB’s request; the rights last up to seven years or until the stake is fully disposed.

Strategic implications for BG shareholders

The entrance of a long-term institutional investor with pension-fund scale provides additional validation of the Viterra acquisition rationale and may improve governance via board participation.
The one-year lock-up offers near-term protection against a rapid share overhang, but the registration rights create potential medium-term supply once the lock-up expires.
Standstill and transfer limits reduce the risk of a creeping takeover yet still allow CPPIB flexibility to adjust its position, signalling a primarily financial — rather than control — investment.

Post-closing, BG has 200,042,383 registered shares outstanding. CPPIB’s disclosures indicate no other transactions in BG shares during the 60 days prior to filing, and no criminal or civil proceedings involving the reporting persons in the past five years.

Canada Pension Plan Investment Board (CPPIB) e tre veicoli di holding interamente controllati hanno depositato un Schedule 13D rivelando la proprietà di 26.244.732 azioni registrate di Bunge Global SA ("BG"), pari al 13,1% del capitale sociale in circolazione al 2 luglio 2025. La partecipazione è stata acquisita al momento della chiusura della combinazione aziendale precedentemente annunciata tra Bunge e Viterra Limited. In cambio della sua quota pro-rata in Viterra, CPPIB Monroe Canada, Inc. — l'azionista diretto — ha inoltre ricevuto un corrispettivo in contanti di 716.004.672,13 dollari USA, oltre alle azioni BG.

Termini chiave relativi alla nuova partecipazione

Rappresentanza nel consiglio: CPPIB Monroe può nominare due amministratori fintanto che la partecipazione del gruppo rimane ≥10% di BG e un amministratore se la partecipazione è ≥5% ma <10%.
Lock-up: Un lock-up consueto di un anno limita la vendita della partecipazione fino al 2 luglio 2026, con eccezioni limitate.
Standstill: CPPIB Monroe è vietato aumentare la sua posizione oltre il 19,9% finché la partecipazione non scende sotto il 7%.
Restrizioni di trasferimento: Vietati trasferimenti a concorrenti o investitori attivisti; vincoli di non sollecitazione e non concorrenza estesi fino a tre anni (o sei mesi dopo la perdita della rappresentanza nel consiglio da parte di CPPIB).
Diritti di registrazione: Un accordo separato sui diritti di registrazione obbliga BG a registrare le 26,2 milioni di azioni per la rivendita e a facilitare transazioni garantite o a blocco su richiesta di CPPIB; i diritti durano fino a sette anni o fino alla completa dismissione della partecipazione.

Implicazioni strategiche per gli azionisti di BG

L’ingresso di un investitore istituzionale a lungo termine di scala pensionistica convalida ulteriormente la logica dell’acquisizione di Viterra e può migliorare la governance tramite la partecipazione nel consiglio.
Il lock-up di un anno offre protezione a breve termine contro un rapido eccesso di offerta azionaria, ma i diritti di registrazione creano un potenziale aumento dell’offerta a medio termine una volta scaduto il lock-up.
Le limitazioni di standstill e di trasferimento riducono il rischio di un’acquisizione graduale, pur consentendo a CPPIB la flessibilità di adeguare la propria posizione, segnalando un investimento principalmente finanziario e non di controllo.

Dopo la chiusura, BG conta 200.042.383 azioni registrate in circolazione. Le comunicazioni di CPPIB indicano l’assenza di altre transazioni su azioni BG nei 60 giorni precedenti il deposito e nessun procedimento penale o civile che coinvolga le persone segnalanti negli ultimi cinque anni.

Canada Pension Plan Investment Board (CPPIB) y tres vehículos de holding de propiedad total han presentado un Schedule 13D revelando la propiedad de 26.244.732 acciones registradas de Bunge Global SA ("BG"), equivalentes al 13,1 % del capital social en circulación al 2 de julio de 2025. La participación se recibió al cierre de la combinación de negocios previamente anunciada entre Bunge y Viterra Limited. A cambio de su participación proporcional en Viterra, CPPIB Monroe Canada, Inc. — el accionista directo — también recibió una contraprestación en efectivo de US$716.004.672,13, además de las acciones de BG.

Términos clave vinculados a la nueva participación

Representación en el consejo: CPPIB Monroe puede nominar dos directores mientras la participación del grupo sea ≥10 % de BG y un director mientras sea ≥5 % pero <10 %.
Lock-up: Un lock-up habitual de un año restringe la venta de la participación hasta el 2 de julio de 2026, con excepciones limitadas.
Standstill: CPPIB Monroe tiene prohibido aumentar su posición por encima del 19,9 % hasta que su participación caiga por debajo del 7 %.
Restricciones de transferencia: No se permiten transferencias a competidores o inversores activistas; las cláusulas de no solicitación y no competencia se extienden hasta tres años (o seis meses después de que CPPIB pierda la representación en el consejo).
Derechos de registro: Un Acuerdo separado de Derechos de Registro obliga a BG a registrar las 26,2 millones de acciones para la reventa y a facilitar transacciones suscritas o bloqueadas a solicitud de CPPIB; los derechos duran hasta siete años o hasta que la participación se haya vendido completamente.

Implicaciones estratégicas para los accionistas de BG

La entrada de un inversor institucional a largo plazo con escala de fondo de pensiones valida adicionalmente la lógica de la adquisición de Viterra y puede mejorar la gobernanza mediante la participación en el consejo.
El lock-up de un año ofrece protección a corto plazo contra un rápido exceso de oferta de acciones, pero los derechos de registro crean un potencial suministro a medio plazo una vez que expire el lock-up.
Las limitaciones de standstill y transferencia reducen el riesgo de una adquisición gradual pero aún permiten a CPPIB flexibilidad para ajustar su posición, señalando una inversión principalmente financiera y no de control.

Tras el cierre, BG tiene 200.042.383 acciones registradas en circulación. Las divulgaciones de CPPIB indican que no hubo otras transacciones con acciones de BG en los 60 días previos a la presentación y que no existen procedimientos penales o civiles contra las personas informantes en los últimos cinco años.

캐나다 연금 계획 투자 위원회(CPPIB)와 세 개의 전액 소유 지주 회사가 Schedule 13D를 제출하여 Bunge Global SA("BG")의 등록 주식 26,244,732주를 보유하고 있음을 공개했으며, 이는 2025년 7월 2일 기준 회사 발행 주식의 13.1%에 해당합니다. 이 지분은 이전에 발표된 Bunge와 Viterra Limited 간의 사업 결합 종료 시점에 취득되었습니다. CPPIB Monroe Canada, Inc. — 직접 주주 — 는 Viterra 지분에 대한 비례 교환으로 BG 주식과 함께 미화 716,004,672.13달러의 현금도 받았습니다.

새 지분에 부여된 주요 조건

이사회 대표권: CPPIB Monroe는 그룹의 BG 지분이 10% 이상인 동안 두 명의 이사를 지명할 수 있으며, 지분이 5% 이상 10% 미만일 경우 한 명의 이사를 지명할 수 있습니다.
락업(Lock-up): 관례적인 1년 락업 기간 동안 2026년 7월 2일까지 지분 매각이 제한되며, 제한적인 예외가 있습니다.
스탠드스틸(Standstill): CPPIB Monroe는 지분이 7% 미만으로 떨어질 때까지 보유 지분을 19.9% 이상으로 늘릴 수 없습니다.
양도 제한: 경쟁사나 행동주의 투자자에게 양도 금지; 비유인 및 경쟁 금지 조항은 최대 3년간(또는 CPPIB가 이사회 대표권을 잃은 후 6개월까지) 적용됩니다.
등록 권리: 별도의 등록 권리 계약에 따라 BG는 2,620만 주를 재판매용으로 등록하고, CPPIB 요청 시 인수 또는 블록 거래를 용이하게 해야 하며, 권리는 최대 7년간 또는 지분이 완전히 처분될 때까지 유지됩니다.

BG 주주를 위한 전략적 의미

연기금 규모의 장기 기관 투자자의 진입은 Viterra 인수 논리를 추가로 검증하며, 이사회 참여를 통해 거버넌스 개선이 기대됩니다.
1년 락업은 단기적으로 급격한 주식 과잉 공급을 방지하지만, 등록 권리는 락업 종료 후 중기적으로 공급 증가 가능성을 만듭니다.
스탠드스틸 및 양도 제한은 점진적 인수 위험을 줄이면서도 CPPIB가 지분을 조정할 수 있는 유연성을 허용하여 주로 재무적 투자임을 시사합니다.

거래 종료 후 BG의 등록 주식 총수는 200,042,383주입니다. CPPIB의 공시에 따르면, 제출 60일 전에는 BG 주식 거래가 없었으며, 보고 대상자에 대한 지난 5년간 형사 또는 민사 소송도 없습니다.

Le Canada Pension Plan Investment Board (CPPIB) et trois véhicules de détention entièrement détenus ont déposé un Schedule 13D divulguant la détention de 26 244 732 actions enregistrées de Bunge Global SA ("BG"), représentant 13,1 % du capital social en circulation au 2 juillet 2025. Cette participation a été reçue lors de la clôture de la fusion d'entreprise précédemment annoncée entre Bunge et Viterra Limited. En échange de sa participation pro-rata dans Viterra, CPPIB Monroe Canada, Inc. — l'actionnaire direct — a également reçu une contrepartie en espèces de 716 004 672,13 USD, en plus des actions BG.

Principaux termes associés à la nouvelle participation

Représentation au conseil d'administration : CPPIB Monroe peut nommer deux administrateurs tant que la participation du groupe reste ≥10 % de BG et un administrateur lorsque la participation est ≥5 % mais <10 %.
Lock-up : Un lock-up d'un an habituel limite la vente de la participation jusqu'au 2 juillet 2026, avec des exceptions limitées.
Standstill : CPPIB Monroe est interdit d'augmenter sa position au-dessus de 19,9 % tant que sa participation ne tombe pas en dessous de 7 %.
Restrictions de transfert : Aucun transfert aux concurrents ou investisseurs activistes ; les clauses de non-sollicitation et de non-concurrence s'étendent jusqu'à trois ans (ou six mois après que CPPIB perde la représentation au conseil).
Droits d'enregistrement : Un accord distinct sur les droits d'enregistrement oblige BG à enregistrer les 26,2 millions d'actions pour la revente et à faciliter les transactions souscrites ou en bloc à la demande de CPPIB ; ces droits durent jusqu'à sept ans ou jusqu'à la cession complète de la participation.

Implications stratégiques pour les actionnaires de BG

L'entrée d'un investisseur institutionnel à long terme de la taille d'un fonds de pension apporte une validation supplémentaire de la logique de l'acquisition de Viterra et peut améliorer la gouvernance via la participation au conseil.
Le lock-up d'un an offre une protection à court terme contre un excès rapide d'actions, mais les droits d'enregistrement créent une offre potentielle à moyen terme une fois le lock-up expiré.
Les limitations de standstill et de transfert réduisent le risque d'une prise de contrôle progressive tout en permettant à CPPIB la flexibilité d'ajuster sa position, signalant un investissement principalement financier plutôt que de contrôle.

Après clôture, BG compte 200 042 383 actions enregistrées en circulation. Les divulgations de CPPIB indiquent qu'aucune autre transaction sur les actions BG n'a eu lieu dans les 60 jours précédant le dépôt, et qu'aucune procédure pénale ou civile n'a impliqué les personnes déclarantes au cours des cinq dernières années.

Der Canada Pension Plan Investment Board (CPPIB) und drei vollständig im Besitz befindliche Holding-Gesellschaften haben einen Schedule 13D eingereicht, der den Besitz von 26.244.732 eingetragenen Aktien von Bunge Global SA ("BG") offenlegt, was 13,1 % des ausstehenden Aktienkapitals des Unternehmens zum 2. Juli 2025 entspricht. Der Anteil wurde beim Abschluss der zuvor angekündigten Unternehmenszusammenführung von Bunge mit Viterra Limited erhalten. Im Austausch für seinen anteiligen Viterra-Bestand erhielt CPPIB Monroe Canada, Inc. — der direkte Aktionär — neben den BG-Aktien auch eine Barzahlung in Höhe von 716.004.672,13 US-Dollar.

Wesentliche Bedingungen der neuen Beteiligung

Vorstandssitze: CPPIB Monroe darf zwei Direktoren nominieren, solange der Gruppenbesitz ≥10 % von BG beträgt, und einen Direktor, wenn der Besitz ≥5 % aber <10 % liegt.
Lock-up: Eine übliche einjährige Sperrfrist beschränkt den Verkauf des Anteils bis zum 2. Juli 2026, mit begrenzten Ausnahmen.
Standstill: CPPIB Monroe ist untersagt, seine Position über 19,9 % zu erhöhen, bis der Besitz unter 7 % fällt.
Übertragungsbeschränkungen: Keine Übertragungen an Wettbewerber oder aktivistische Investoren; Nichtabwerbe- und Wettbewerbsverbote gelten bis zu drei Jahre (oder sechs Monate nach Verlust der Vorstandssitze durch CPPIB).
Registrierungsrechte: Ein separates Registrierungsrechtsabkommen verpflichtet BG, die 26,2 Mio. Aktien zum Wiederverkauf zu registrieren und auf Wunsch von CPPIB gezeichnete oder Blocktransaktionen zu erleichtern; die Rechte gelten bis zu sieben Jahre oder bis der Anteil vollständig veräußert ist.

Strategische Implikationen für BG-Aktionäre

Der Einstieg eines langfristigen institutionellen Investors mit Pensionsfondsgröße bestätigt die Begründung des Viterra-Erwerbs zusätzlich und kann durch die Vorstandsbeteiligung die Governance verbessern.
Die einjährige Sperrfrist bietet kurzfristigen Schutz vor einem raschen Überhang an Aktien, jedoch schaffen die Registrierungsrechte ein potenzielles mittelfristiges Angebot, sobald die Sperrfrist endet.
Standstill- und Übertragungseinschränkungen reduzieren das Risiko einer schleichenden Übernahme, erlauben CPPIB jedoch die Flexibilität, seine Position anzupassen, was auf eine primär finanzielle — und keine Kontrollinvestition — hinweist.

Nach dem Abschluss hat BG 200.042.383 eingetragene Aktien ausstehend. Die Offenlegungen von CPPIB zeigen keine weiteren Transaktionen mit BG-Aktien in den 60 Tagen vor der Einreichung und keine straf- oder zivilrechtlichen Verfahren gegen die meldenden Personen in den letzten fünf Jahren.

Positive

Large, long-term institutional investor (CPPIB) now holds 13.1 % of BG, signalling confidence in the post-merger strategy.
Two board seats granted to CPPIB improve governance and bring operational expertise from the agriculture sector.
One-year lock-up and standstill reduce near-term share-price volatility and limit the risk of a hostile accumulation.

Negative

Registration rights allow CPPIB to resell 26.2 m shares after the lock-up, posing a potential supply overhang from mid-2026.
Cash consideration of US $716 m paid to CPPIB represents a significant cash outflow that could have alternative uses for BG.
Influence concentration: a single 13 % holder with board representation may steer corporate actions in ways not fully aligned with minority investors.

Insights

TL;DR: CPPIB now owns 13.1 % of BG, gains two board seats, locked for 1 yr; resale rights may create future supply.

The filing confirms CPPIB’s sizeable post-merger stake, positioning a sophisticated, long-horizon investor alongside Glencore and others on BG’s share register. Near-term, the stake adds governance credibility and signals confidence in BG/Viterra synergies. The lock-up removes immediate selling pressure, while the standstill caps future stake-building. However, the registration rights mean up to 26 m shares could hit the market from mid-2026 onward, representing roughly 13 days of normal BG trading volume and posing a medium-term overhang risk. Overall impact on valuation is balanced, hence a neutral rating.

TL;DR: Institutional owner with board rights likely strengthens oversight and aligns strategy post-Viterra merger.

CPPIB’s board nomination rights institutionalise minority representation and should enhance risk oversight during the complex integration phase. The lock-up, standstill, and transfer limitations protect other shareholders, while the clear sunset provisions on registration rights and non-compete covenants create transparency. From a governance viewpoint the development is positive and supports shareholder interests.

Termini chiave relativi alla nuova partecipazione

Rappresentanza nel consiglio: CPPIB Monroe può nominare due amministratori fintanto che la partecipazione del gruppo rimane ≥10% di BG e un amministratore se la partecipazione è ≥5% ma <10%.
Lock-up: Un lock-up consueto di un anno limita la vendita della partecipazione fino al 2 luglio 2026, con eccezioni limitate.
Standstill: CPPIB Monroe è vietato aumentare la sua posizione oltre il 19,9% finché la partecipazione non scende sotto il 7%.
Restrizioni di trasferimento: Vietati trasferimenti a concorrenti o investitori attivisti; vincoli di non sollecitazione e non concorrenza estesi fino a tre anni (o sei mesi dopo la perdita della rappresentanza nel consiglio da parte di CPPIB).
Diritti di registrazione: Un accordo separato sui diritti di registrazione obbliga BG a registrare le 26,2 milioni di azioni per la rivendita e a facilitare transazioni garantite o a blocco su richiesta di CPPIB; i diritti durano fino a sette anni o fino alla completa dismissione della partecipazione.

Implicazioni strategiche per gli azionisti di BG

L’ingresso di un investitore istituzionale a lungo termine di scala pensionistica convalida ulteriormente la logica dell’acquisizione di Viterra e può migliorare la governance tramite la partecipazione nel consiglio.
Il lock-up di un anno offre protezione a breve termine contro un rapido eccesso di offerta azionaria, ma i diritti di registrazione creano un potenziale aumento dell’offerta a medio termine una volta scaduto il lock-up.
Le limitazioni di standstill e di trasferimento riducono il rischio di un’acquisizione graduale, pur consentendo a CPPIB la flessibilità di adeguare la propria posizione, segnalando un investimento principalmente finanziario e non di controllo.

Términos clave vinculados a la nueva participación

Representación en el consejo: CPPIB Monroe puede nominar dos directores mientras la participación del grupo sea ≥10 % de BG y un director mientras sea ≥5 % pero <10 %.
Lock-up: Un lock-up habitual de un año restringe la venta de la participación hasta el 2 de julio de 2026, con excepciones limitadas.
Standstill: CPPIB Monroe tiene prohibido aumentar su posición por encima del 19,9 % hasta que su participación caiga por debajo del 7 %.
Restricciones de transferencia: No se permiten transferencias a competidores o inversores activistas; las cláusulas de no solicitación y no competencia se extienden hasta tres años (o seis meses después de que CPPIB pierda la representación en el consejo).
Derechos de registro: Un Acuerdo separado de Derechos de Registro obliga a BG a registrar las 26,2 millones de acciones para la reventa y a facilitar transacciones suscritas o bloqueadas a solicitud de CPPIB; los derechos duran hasta siete años o hasta que la participación se haya vendido completamente.

Implicaciones estratégicas para los accionistas de BG

La entrada de un inversor institucional a largo plazo con escala de fondo de pensiones valida adicionalmente la lógica de la adquisición de Viterra y puede mejorar la gobernanza mediante la participación en el consejo.
El lock-up de un año ofrece protección a corto plazo contra un rápido exceso de oferta de acciones, pero los derechos de registro crean un potencial suministro a medio plazo una vez que expire el lock-up.
Las limitaciones de standstill y transferencia reducen el riesgo de una adquisición gradual pero aún permiten a CPPIB flexibilidad para ajustar su posición, señalando una inversión principalmente financiera y no de control.

새 지분에 부여된 주요 조건

이사회 대표권: CPPIB Monroe는 그룹의 BG 지분이 10% 이상인 동안 두 명의 이사를 지명할 수 있으며, 지분이 5% 이상 10% 미만일 경우 한 명의 이사를 지명할 수 있습니다.
락업(Lock-up): 관례적인 1년 락업 기간 동안 2026년 7월 2일까지 지분 매각이 제한되며, 제한적인 예외가 있습니다.
스탠드스틸(Standstill): CPPIB Monroe는 지분이 7% 미만으로 떨어질 때까지 보유 지분을 19.9% 이상으로 늘릴 수 없습니다.
양도 제한: 경쟁사나 행동주의 투자자에게 양도 금지; 비유인 및 경쟁 금지 조항은 최대 3년간(또는 CPPIB가 이사회 대표권을 잃은 후 6개월까지) 적용됩니다.
등록 권리: 별도의 등록 권리 계약에 따라 BG는 2,620만 주를 재판매용으로 등록하고, CPPIB 요청 시 인수 또는 블록 거래를 용이하게 해야 하며, 권리는 최대 7년간 또는 지분이 완전히 처분될 때까지 유지됩니다.

BG 주주를 위한 전략적 의미

연기금 규모의 장기 기관 투자자의 진입은 Viterra 인수 논리를 추가로 검증하며, 이사회 참여를 통해 거버넌스 개선이 기대됩니다.
1년 락업은 단기적으로 급격한 주식 과잉 공급을 방지하지만, 등록 권리는 락업 종료 후 중기적으로 공급 증가 가능성을 만듭니다.
스탠드스틸 및 양도 제한은 점진적 인수 위험을 줄이면서도 CPPIB가 지분을 조정할 수 있는 유연성을 허용하여 주로 재무적 투자임을 시사합니다.

Principaux termes associés à la nouvelle participation

Représentation au conseil d'administration : CPPIB Monroe peut nommer deux administrateurs tant que la participation du groupe reste ≥10 % de BG et un administrateur lorsque la participation est ≥5 % mais <10 %.
Lock-up : Un lock-up d'un an habituel limite la vente de la participation jusqu'au 2 juillet 2026, avec des exceptions limitées.
Standstill : CPPIB Monroe est interdit d'augmenter sa position au-dessus de 19,9 % tant que sa participation ne tombe pas en dessous de 7 %.
Restrictions de transfert : Aucun transfert aux concurrents ou investisseurs activistes ; les clauses de non-sollicitation et de non-concurrence s'étendent jusqu'à trois ans (ou six mois après que CPPIB perde la représentation au conseil).
Droits d'enregistrement : Un accord distinct sur les droits d'enregistrement oblige BG à enregistrer les 26,2 millions d'actions pour la revente et à faciliter les transactions souscrites ou en bloc à la demande de CPPIB ; ces droits durent jusqu'à sept ans ou jusqu'à la cession complète de la participation.

Implications stratégiques pour les actionnaires de BG

L'entrée d'un investisseur institutionnel à long terme de la taille d'un fonds de pension apporte une validation supplémentaire de la logique de l'acquisition de Viterra et peut améliorer la gouvernance via la participation au conseil.
Le lock-up d'un an offre une protection à court terme contre un excès rapide d'actions, mais les droits d'enregistrement créent une offre potentielle à moyen terme une fois le lock-up expiré.
Les limitations de standstill et de transfert réduisent le risque d'une prise de contrôle progressive tout en permettant à CPPIB la flexibilité d'ajuster sa position, signalant un investissement principalement financier plutôt que de contrôle.

Wesentliche Bedingungen der neuen Beteiligung

Vorstandssitze: CPPIB Monroe darf zwei Direktoren nominieren, solange der Gruppenbesitz ≥10 % von BG beträgt, und einen Direktor, wenn der Besitz ≥5 % aber <10 % liegt.
Lock-up: Eine übliche einjährige Sperrfrist beschränkt den Verkauf des Anteils bis zum 2. Juli 2026, mit begrenzten Ausnahmen.
Standstill: CPPIB Monroe ist untersagt, seine Position über 19,9 % zu erhöhen, bis der Besitz unter 7 % fällt.
Übertragungsbeschränkungen: Keine Übertragungen an Wettbewerber oder aktivistische Investoren; Nichtabwerbe- und Wettbewerbsverbote gelten bis zu drei Jahre (oder sechs Monate nach Verlust der Vorstandssitze durch CPPIB).
Registrierungsrechte: Ein separates Registrierungsrechtsabkommen verpflichtet BG, die 26,2 Mio. Aktien zum Wiederverkauf zu registrieren und auf Wunsch von CPPIB gezeichnete oder Blocktransaktionen zu erleichtern; die Rechte gelten bis zu sieben Jahre oder bis der Anteil vollständig veräußert ist.

Strategische Implikationen für BG-Aktionäre

Der Einstieg eines langfristigen institutionellen Investors mit Pensionsfondsgröße bestätigt die Begründung des Viterra-Erwerbs zusätzlich und kann durch die Vorstandsbeteiligung die Governance verbessern.
Die einjährige Sperrfrist bietet kurzfristigen Schutz vor einem raschen Überhang an Aktien, jedoch schaffen die Registrierungsrechte ein potenzielles mittelfristiges Angebot, sobald die Sperrfrist endet.
Standstill- und Übertragungseinschränkungen reduzieren das Risiko einer schleichenden Übernahme, erlauben CPPIB jedoch die Flexibilität, seine Position anzupassen, was auf eine primär finanzielle — und keine Kontrollinvestition — hinweist.

07/08/2025 - 06:00 PM

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Bunge Global SA

(Name of Issuer)

Registered Shares, par value $0.01 per share

(Title of Class of Securities)

H11356104

(CUSIP Number)

Kathryn Daniels, CPPIB,
CPPIB Monroe Canada, Inc., One Queen Street East, Suite 2500
Toronto, Ontario, Z4, M5C 2W5
(416) 868-4075

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/02/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Registered Shares, par value $0.01 per share

(b)

Name of Issuer:

Bunge Global SA

(c)

Address of Issuer's Principal Executive Offices:

1391 Timberlake Manor Parkway, Chesterfield, MISSOURI , 63017.

Item 2.

Identity and Background

(a)

This Schedule 13D is being filed by (a) Canada Pension Plan Investment Board ("CPPIB Parent"), (b) CPP Investment Board Private Holdings (5), Inc. ("CPPIB-PH(5)"), (c) CPP Investment Board Private Holdings (6), Inc. ("CPPIB-PH(6)") and (d) CPPIB Monroe Canada, Inc. ("CPPIB Monroe" and together with CPPIB Parent, CPPIB PHI 5 and CPPIB PHI 6, the "Reporting Persons"). CPPIB Monroe is an indirect wholly-owned subsidiary of CPPIB Parent and CPPIB-PH(5) and a direct wholly-owned subsidiary of CPPIB-PH(6). CPPIB Parent is the parent company of CPPIB-PH(5), CPPIB-PH(6) and CPPIB Monroe. The agreement among the Reporting Persons relating to the joint filing of this Schedule 13D is attached as Exhibit 99.1 hereto. The directors and the executive officers of the Reporting Persons (the "Covered Persons") are set forth in Schedule I of Exhibit 99.2 hereto, which is incorporated herein by reference.

(b)

The business address for each of the Reporting Persons is c/o CPPIB, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5 Canada. The business address of each Covered Person is set forth in Schedule I of Exhibit 99.2 hereto, which is incorporated herein by reference.

(c)

The principal business of CPPIB Parent is investing the Canada Pension Plan fund. The principal business of each of CPPIB-PH(5),CPPIB-PH(6) and CPPIB Monroe is an investment holding company. Each Covered Person's present principal occupation is set forth in Schedule I of Exhibit 99.2 hereto, which is incorporated herein by reference.

(d)

During the last five years, none of the Reporting Persons or, to the Reporting Persons' knowledge, any of the Covered Persons has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors).

(e)

During the last five years, none of the Reporting Persons or, to the Reporting Persons' knowledge, any of the Covered Persons was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

(f)

Each of the Reporting Persons are organized under the laws of Canada. Each Covered Person's citizenship is set forth in Schedule I of Exhibit 99.2 hereto, which is incorporated herein by reference.

Item 3.

Source and Amount of Funds or Other Consideration

On July 2, 2025 (the "Closing Date"), as contemplated by that certain Business Combination Agreement, dated June 13, 2023 (as amended, supplemented, or otherwise modified from time to time, the "Business Combination Agreement"), by and among Bunge Global SA (the "Issuer"), Viterra Limited ("Viterra"), Danelo Limited ("Danelo"), CPPIB Monroe, Venus Investment Limited Partnership, and Ocorian Limited, in its capacity as trustee of the Viterra Employee Benefit Trust, CPPIB Monroe acquired 26,244,732 Registered Shares in exchange for its pro rata share of the issued and outstanding shares of Viterra. The Issuer also paid $716,004,672.13 million in cash to CPPIB Monroe on the Closing Date. The foregoing description of the Business Combination Agreement does not purport to describe all the terms and provisions thereof and is qualified in its entirety by reference to the full text of that document, a copy of which is included as Exhibit 99.3 to this Schedule 13D and is incorporated herein by reference.

Item 4.

Purpose of Transaction

The information set forth or incorporated by reference in Items 3, 5 and 6 of this Schedule 13D is incorporated by reference into this Item 4. The Reporting Persons acquired the securities of the Issuer covered by this Schedule 13D for investment purposes as part of their ordinary business and investing activities. Subject to certain exceptions, limitations and applicable law, pursuant to the Shareholder's Agreement, dated as of the Closing Date, by and between the Issuer and CPPIB Monroe (the "Shareholder's Agreement"), CPPIB Monroe is entitled to (i) nominate two individuals to the Issuer Board so long as the Reporting Persons (and any affiliates) continue to own at least 10% of the total outstanding shares of the Issuer and (ii) nominate one individual to the Issuer Board so long as the Reporting Persons (and any affiliates) continue to own at least 5% but no more than 10% of the total outstanding shares of the Issuer. In addition, the Shareholder's Agreement imposes on CPPIB Monroe (a) certain customary lockup obligations, with certain exceptions, for a period of one year following the Closing Date, (b) a prohibition on transfers to the Issuer's competitors and activist investors, (c) certain non-solicitation and non-compete obligations, with certain exceptions, until the later of (i) three years following the Closing Date and (ii) six months following the date CPPIB Monroe no longer has a director serving on the Issuer Board, (d) a customary "standstill" for CPPIB Monroe not to acquire any additional Registered Shares in excess of 19.9% of the total outstanding shares of the Issuer until CPPIB Monroe ceases to beneficially own at least 7% of the total outstanding shares of the Issuer and (e) certain voting commitments in support of recommendations of the Issuer Board. At the 2024 Annual General Meeting of Shareholders of the Issuer held on May 15, 2024, shareholders of the Issuer elected Adrian Isman and Anne Jensen, both of whom were nominated by CPPIB Monroe, to serve as directors on the Issuer Board for a term extending from the Closing Date until completion of the 2025 annual general meeting, subject to and contingent upon the closing. Both Isman and Jensen were appointed to the Issuer Board on the Closing Date, and these individuals may have influence over the corporate activities of the Issuer, including activities which may relate to items described in paragraphs (a) through (j) of Item 4 of Schedule 13D. Certain plans or proposals may from time to time be discussed or considered by the directors of the Issuer, in their fiduciary capacity as directors of the Issuer. Accordingly, the Reporting Persons may participate in and influence the affairs of the Issuer through its rights under the Shareholder's Agreement. In addition, each Reporting Person intends to monitor and evaluate its investment on an ongoing basis and expect regularly to review and consider alternative ways of maximizing its return on such investment. Subject to market conditions, valuations, regulatory approvals and any other applicable approvals, each Reporting Person may acquire additional securities of the Issuer or dispose of any securities of the Issuer in open market transactions, privately negotiated transactions, or otherwise. In exploring ways to maximize the return on its investment, and as part of its ongoing investment activities, the Reporting Persons will continually evaluate the Issuer's business, financial condition, results of operations, capital structure, management, synergies, stock market performance, competitive outlook and other relevant factors. As part of such evaluations, the Reporting Persons intends to seek the views of, hold discussions with, and respond to inquiries from representatives of the Issuer and other persons regarding the Issuer's affairs. Each Reporting Person may also engage in other discussions with representatives of the Issuer and/or with other holders of the Issuer's securities and, from time to time, suggest or take a position regarding, or participate in, a variety of matters relating to the Issuer, which may include, among other things, the Issuer's operations, management, corporate governance, capital structure or its control, strategic alternatives and direction. To facilitate its consideration of such matters, each Reporting Person may retain consultants and advisors and may enter into discussions with potential sources of capital and other third parties. Each Reporting Person may exchange information with any such persons, including as applicable, pursuant to appropriate confidentiality or similar agreements. Each Reporting Person will likely take some or all of the foregoing steps at preliminary stages in their consideration of various possible courses of action, before forming any intention to pursue any particular plan or direction. Each Reporting Person may, at any time, and from time to time, (i) review or reconsider its position and/or change its purpose and/or formulate plans or proposals with respect thereto and (ii) consider or propose one or more of the actions described in subparagraphs (a) - (j) of Item 4 of the instructions to Schedule 13D. The foregoing description of the Shareholder's Agreement does not purport to describe all the terms and provisions thereof and is qualified in its entirety by reference to the full text of that document, a copy of which is included as Exhibit 99.4 to this Schedule 13D and is incorporated herein by reference.

Item 5.

Interest in Securities of the Issuer

(a)

The information set forth or incorporated by reference in Items 2, 3, 4 and 6 of this Schedule 13D is incorporated by reference in this Item 5. The responses of the Reporting Persons to Rows (7) through (13) of the cover pages of this Schedule 13D, as of July 2, 2025, are incorporated herein by reference. As of July 2, 2025, the Reporting Persons beneficially owned an aggregate of 26,244,732 Registered Shares, which represents approximately 13.1% of the outstanding Registered Shares. This percentage was calculated based on 200,042,383 Registered Shares outstanding as of July 2, 2025 (as disclosed to the Reporting Persons by the Issuer).

(b)

The information set forth in Item 5(a) of this Schedule 13D is hereby incorporated herein by reference.

(c)

Except as set forth in this Schedule 13D, none of the Reporting Persons nor, to the Reporting Persons' knowledge, any of the Covered Persons, has effected any transaction during the past 60 days in any Registered Shares.

(d)

Not applicable.

(e)

Not applicable.

Item 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

The information set forth in Items 2, 3 and 4 of this Schedule 13D is hereby incorporated by reference into this Item 6. On the Closing Date and as contemplated by the Business Combination Agreement, the Issuer entered into a registration rights agreement with CPPIB Monroe and certain other holders (the "Registration Rights Agreement"), which agreement (i) requires the Issuer to file a registration statement with the Securities and Exchange Commission registering for resale the 26,244,732 Registered Shares held by CPPIB Monroe and to conduct certain underwritten offerings or facilitate certain block trade transactions upon the request of CPPIB Monroe and (ii) provides CPPIB Monroe with certain usual and customary "demand" and "piggyback" registration rights with respect to the 26,244,732 Registered Shares it holds. The Registration Rights Agreement will terminate on the earlier of (i) the seven year anniversary of the Closing Date and (ii) with respect to CPPIB Monroe, on the date that CPPIB Monroe no longer holds any Registrable Securities (as defined in the Registration Rights Agreement). The foregoing description of the Registration Rights Agreement does not purport to describe all the terms and provisions thereof and is qualified in its entirety by reference to the full text of that document, a copy of which is included as exhibit 99.5 to this Schedule 13D and is incorporated herein by reference.

Item 7.

Material to be Filed as Exhibits.

Exhibit 99.1 Joint Filing Agreement, dated July 8, 2025, among the Reporting Persons. Exhibit 99.2 Schedule I Exhibit 99.3 Business Combination Agreement, dated June 13, 2023, by and among the Issuer, Viterra, Danelo, CPPIB Monroe, Venus Investment Limited Partnership and Ocorian Limited, in its capacity as trustee of the Viterra Employee Benefit Trust (incorporated by reference from Exhibit 2.1 to the Form 8-K filed by Bunge Global SA on July 2, 2025). Exhibit 99.4 Form of Shareholder's Agreement, by and between the Issuer and CPPIB Monroe (incorporated by reference to Exhibit 2.2 to the Form 8-K filed by Bunge Global SA on July 2, 2025). Exhibit 99.5 Form of Registration Rights Agreement, by and between the Issuer, Danelo, CPPIB Monroe and Venus Investment Limited Partnership (incorporated by reference to Exhibit 2.4 to the Form 8-K filed by Bunge Global SA on July 2, 2025). Exhibit 99.6 Power of Attorney of Canada Pension Plan Investment Board

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Canada Pension Plan Investment Board

Signature:	/s/ Kathryn Daniels
Name/Title:	Kathryn Daniels / Managing Director, Head of Compliance
Date:	07/08/2025

CPP Investment Board Private Holdings (5), Inc.

Signature:	/s/ Pierre Abinakle
Name/Title:	Pierre Abinakle / Secretary
Date:	07/08/2025

CPP Investment Board Private Holdings (6), Inc.

Signature:	/s/ Pierre Abinakle
Name/Title:	Pierre Abinakle / Secretary
Date:	07/08/2025

CPPIB Monroe Canada, Inc.

Signature:	/s/ Pierre Abinakle
Name/Title:	Pierre Abinakle / Secretary
Date:	07/08/2025

Comments accompanying signature:

Exhibit 99.6 Power of Attorney of Canada Pension Plan Investment Board

Source: View Original Filing on SEC EDGAR

FAQ

How many Bunge Global SA shares does CPPIB own?

26,244,732 registered shares, representing approximately 13.1 % of outstanding shares.

What board rights does CPPIB receive under the Shareholder's Agreement?

CPPIB may nominate two directors while its stake is ≥10 %, and one director while the stake is between 5 % and 10 %.

When can CPPIB sell its BG shares?

A one-year lock-up prevents most sales until 2 July 2026; afterwards CPPIB has demand and piggyback registration rights for up to seven years.

Is CPPIB allowed to increase its BG stake?

A standstill cap of 19.9 % applies until CPPIB’s holding falls below 7 % of outstanding shares.

What consideration did CPPIB receive at closing?

In addition to shares, CPPIB received US $716,004,672.13 in cash on the 2 July 2025 closing date.

Does CPPIB have any legal proceedings that could affect BG?

The filing states that no reporting person has faced relevant criminal or civil judgments in the past five years.

[SCHEDULE 13D] Bunge Global SA SEC Filing

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FAQ

How many Bunge Global SA shares does CPPIB own?

What board rights does CPPIB receive under the Shareholder's Agreement?

When can CPPIB sell its BG shares?

Is CPPIB allowed to increase its BG stake?

What consideration did CPPIB receive at closing?

Does CPPIB have any legal proceedings that could affect BG?

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[SCHEDULE 13D] Bunge Global SA SEC Filing

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Equity Analyst neutral

Corporate Governance Specialist positive

FAQ

How many Bunge Global SA shares does CPPIB own?

What board rights does CPPIB receive under the Shareholder's Agreement?

When can CPPIB sell its BG shares?

Is CPPIB allowed to increase its BG stake?

What consideration did CPPIB receive at closing?

Does CPPIB have any legal proceedings that could affect BG?

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