Reuters — Hedge fund D.E. Shaw and Co. has raised its stake in Bunge and was working with Continental Grain to make operational improvements at the grain trader, the Wall Street Journal reported, citing people familiar with the matter.

Bunge’s shares were up 2.5 per cent at US$70.64 on Monday.

The firms, which together own less than five per cent, were not pushing for a sale of the company, according to the WSJ report.

U.S. agricultural investor Continental Grain was planning to push Bunge to consider a potential sale, a person familiar with the matter told Reuters in March.

In January, a source told Reuters that top U.S. grain merchant Archer Daniels Midland had made a takeover approach to Bunge.

Bunge and D.E. Shaw did not immediately respond to Reuters’ request for comment.

–– Reporting for Reuters by Debroop Roy in Bangalore.

Tagged ADM, bunge, Continental Grain, D.E. Shaw