Bunge Limited agreed Wednesday to sell its fertilizer nutrients assets in Brazil to Vale S.A. for $3.8 billion in cash.

Under terms of the deal, Vale will acquire White Plains, N.Y.-based Bunge’s wholly owned phosphate mines and production facilities in Brazil, in addition to Bunge’s 42.3 percent stake in Brazilian fertilizer producer Fertlizantes Fosfatados S.A. Bunge will retain its retail fertilizer operations in Brazil and enter into a supply agreement with Vale through 2012, with the option for an additional year.

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