Speculation over a potential Glencore takeover of Bunge is receding after Bunge said it had rebuffed Glencore’s approach.

This was triggered by a Wall Street Journal report on Monday that Glencore had approached Bunge to discuss a bid. Glencore later confirmed “recent media speculation” that its Glencore Agriculture, now a joint venture with two Canadian investment funds, had “made an informal approach to Bunge regarding a possible consensual business combination”. Analysts see Glencore’s strategic aim as strengthening its presence in the US market.

Bunge, which holds its annual general meeting this week (May 25th) subsequently stated that it is “not engaged in business combination discussions with Glencore Agriculture or Glencore plc”. Rather, it said the company is “committed to continuing to execute its global agri-foods strategy and pursuing opportunities for driving growth and value creation”.

Bunge had 2016 sales of $42.94 billion, of which $30.2bn came from its Agribusiness division which handled 134.6m tonnes of commodities in the period. Its other interests include oilseed crushing; flour milling; sugar and biofuels; and fertilisers.

Glencore Agriculture reported revenues of $21.97bn from 2016, of which of $18.67bn were from crop marketing with 43.8m tonnes traded. Glencore had revenues of $153bn.