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                                                      Contact:  Hunter Smith
                                                                Bunge Limited
                                                                1-914-684-3450


       BUNGE LIMITED ANNOUNCES CORPORATE RESTRUCTURING IN BRAZIL


WHITE PLAINS, NY -- NOVEMBER 21, 2001 -- Bunge Limited (NYSE: BG) today
announced a corporate restructuring of its Brazilian subsidiaries. The
restructuring involves the merger of Bunge Fertilizantes, SA and Bunge
Alimentos, SA into a third subsidiary, Serrana, SA. The resulting entity will be
renamed Bunge Brasil, SA. The transaction is expected close before March 31,
2002.

The restructuring will reduce the number of Bunge Limited's publicly traded
subsidiaries in Brazil from four to two: Bunge Brasil, SA and Fosfertil, SA.
Bunge believes that the restructuring will simplify its corporate structure,
improve communication with local financial markets and increase liquidity for
minority shareholders.

Under Brazilian securities law, the restructuring will require that Bunge's
subsidiaries offer "withdrawal rights" to shareholders in its subsidiaries
affected by the restructuring, pursuant to which the companies will be required
to buy back and cancel shares at their book value. The company cannot estimate
how many subsidiary shares it will be required to buy back and cancel due to
shareholders exercising such rights. The company does not believe that the
restructuring will have a dilutive impact on Bunge Limited's earnings per share.


ABOUT BUNGE LIMITED

Bunge Limited (WWW.BUNGE.COM) is an integrated, global agribusiness and food
company operating in the farm-to-consumer food chain with primary operations in
North and South America and worldwide distribution capabilities. Headquartered
in White Plains, New York, Bunge has over 17,000 employees and operations in 17
countries. The Company is the largest processor of soybeans in the Americas and
the largest producer and supplier of fertilizers to farmers in Latin America.


CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements, which are, or may be
deemed to be, forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements are not
based on historical facts, but rather reflect our current expectations and
projections about our future performance, prospects and opportunities. We
have tried to identify these forward-looking statements by using words
including "may," "will," "expect," "anticipate," "believe," "intend,"
"estimate" and "continue" and similar expressions. These forward-looking
statements

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involve known and unknown risks, uncertainties and other factors that could
cause our actual performance, prospects or opportunities to differ materially
from those expressed in, or implied by, these forward-looking statements. The
forward-looking statements included in this release are made only as of the
date of this release, and except as otherwise required by federal securities
law, we do not have any obligation to publicly update or revise any
forward-looking statements to reflect subsequent events or circumstances.

