(Reuters) - Hedge fund D.E. Shaw and Co has raised its stake in Bunge Ltd (BG.N) and was working with Continental Grain Co 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 percent at $70.64 on Monday.
The firms, which together own less than 5 percent, 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 Co (ADM.N) had made a takeover approach to Bunge.
Bunge and D.E. Shaw did not immediately respond to Reuters request for comment.
Reporting by Debroop Roy in Bengaluru; Editing by Sriraj Kalluvila