Bunge, one of the four largest grain trading businesses in the world, is planning to establish a board committee to explore the sale of the company. The 200-year-old trader, which is listed on the New York stock exchange, is said to be finalising settlements with the Continental Grain Company and New York hedge fund DE Shaw to add four directors to its 11-member board

Earlier this year, Continental acquired around a 1% stake in Bunge and began advocating for the company to sell itself. DE Shaw recently launched an activist investment strategy. Continental, which has operations from chickens to flour making, was founded in 1813 and was in the top tier of international grain traders before selling the business to Cargill for $1bn in 1999.

Bunge’s performance has disappointed investors in recent times despite chief executive Soren Schroder slashing costs and investing in more profitable sectors. Suitors have approached the grain trader but none have progressed up to now. Talks about a potential merger with Archer Daniels Midland, another US-based grain trader, also did not advance. Continental was a large shareholder of US pork producer Smithfield Foods before the sale of the company to Shuanghui International of China, now known as WH Group.