ST. LOUIS — The board of directors of Bunge Global SA have authorized the repurchase of an additional $500 million of the St. Louis-based company’s issued and outstanding registered shares, par value 1¢ per share under a previous share repurchase program that was authorized on June 13, 2023.

Bunge said the repurchase comes on top of an approximately $800 million in share repurchases that remain available under the company’s existing share repurchase program as of Sept. 30.

“As we continuously look for opportunities to best use our capital, share repurchases are an important consideration in our allocation framework,” said Gregory A. Heckman, chief executive officer. “We are pleased to use a meaningful amount of the proceeds from the sale of our interest in the sugar and bioenergy joint venture to expand our existing share repurchase program. This additional $500 million authorization gives us capacity to execute additional repurchases beyond our previous commitment.”

Late last month Bunge reported earnings for the third quarter ended Sept. 30 of $221 million, equal to $1.56 per share on the common stock, down 41% from $373 million, or $2.47 per share, in the year-ago quarter. Adjusted EPS for the quarter was $2.29, down 23% from $2.99 a year ago. The most recent quarterly results included an unfavorable mark-to-market timing difference of 16¢ per share and a negative impact of 57¢ per share primarily related to transaction costs associated with Bunge’s proposed merger with Viterra.