                                                                       Exhibit 1


                                        Contact:  Susie Ter-Jung
                                                  Bunge Limited
                                                  1-914-684-3398
                                                  Susie.ter-jung@bunge.com


                        Bunge Limited Subsidiary to Sell
                      Bakery Business to Dawn Food Products

WHITE PLAINS, NY - December 2, 2003 - Bunge Limited (NYSE: BG) today announced
that its subsidiary Bunge North America has entered into a definitive asset
purchase agreement to sell its bakery business to Dawn Food Products, Inc., of
Jackson, Michigan. The sale includes the facilities that manufacture, market and
sell mixes, frozen dough, syrups and toppings. The sale is expected to close by
year-end, pending regulatory approval and customary closing conditions.

Cash proceeds from the transaction are expected to be approximately $76 million.
After transaction-related expenses of approximately $2 million, Bunge expects to
recognize a gain on the sale of approximately $4 million, or approximately $0.04
per fully diluted share. Bunge's earnings guidance for the fourth quarter of
2003 of $59 million to $69 million, or $0.58 to $0.68 per fully diluted share,
based on 100.9 million fully diluted shares, did not include this gain.

About Bunge

Bunge Limited (www.bunge.com) is an integrated, global agribusiness and food
company operating in the farm-to-consumer food chain with worldwide distribution
capabilities and primary operations in North America, South America and Europe.
Founded in 1818 and headquartered in White Plains, New York, Bunge has 24,000
employees and locations in 29 countries. Bunge is the world's leading oilseed
processing company, the largest producer and supplier of fertilizers to farmers
in South America and the world's leading seller of bottled vegetable oils to
consumers.

About Bunge North America

Bunge North America (www.bungenorthamerica.com), the North American operating
arm of Bunge Limited, is a vertically integrated food and feed ingredient
company, supplying raw and processed agricultural commodities and specialized
food ingredients to a wide range of customers in the livestock, poultry, food
processor, foodservice and bakery industries. With headquarters in St. Louis,
Missouri, Bunge North America and its subsidiaries operate grain elevators,
grain and oilseed processing plants, edible oil refineries and food processing
facilities in the U.S., Canada and Mexico.


Cautionary Statement Concerning Forward-Looking Statements

This press release contains both historical and forward-looking statements. All
statements, other than statements of historical fact, 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 results, 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 involve
known and unknown risks, uncertainties and other factors that could cause our
actual results, performance, prospects or opportunities to differ materially
from those expressed in, or implied by, these forward-looking statements. The
following important factors, among others, could affect our business and
financial performance: our ability to complete, integrate and benefit from
acquisitions, divestitures, joint



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ventures and alliances; estimated demand for commodities and other products that
we sell and use in our business; industry conditions, including the cyclicality
of the agribusiness industry; economic and political conditions in the primary
markets where we operate; and other economic, business, competitive and/or
regulatory factors affecting our business generally. 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.




