                                                                       Exhibit 1


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



           Bunge Limited's Subsidiary Bunge Alimentos Announces Wheat
                       Products Transaction With J. Macedo

WHITE PLAINS, NY - December 26, 2003 - Bunge Limited (NYSE: BG) announced that
its subsidiary Bunge Alimentos S.A. has entered into a purchase and sale
agreement with J. Macedo S.A., whereby Bunge Alimentos will purchase J. Macedo's
wheat-based industrial, food service and bakery products businesses and Bunge
Alimentos will sell its wheat-based consumer products business to J. Macedo.

Bunge Alimentos will purchase J. Macedo's flour, bakery flour and bakery pre-mix
businesses, and related brands, and Bunge Alimentos will sell its household
flour, cake mixes, desserts and pasta businesses, and flour brands Sol and Boa
Sorte, among others. The sale excludes fixed assets, with the exception of
certain facilities associated with Bunge Alimentos' pasta and cake mixes
businesses, which are included in the sale.

The transaction also includes a toll manufacturing and operational agreement,
whereby Bunge Alimentos and J. Macedo will supply each other with consumer flour
and industrial flour, respectively, on a toll basis, and coordinate wheat
origination. The parties also intend to capitalize on shared logistics
opportunities.

The transaction will enable Bunge Alimentos and J. Macedo to focus on their
respective areas of strength - industrial, food service and bakery businesses
for Bunge Alimentos and retail consumer business for J. Macedo. The transaction
will allow both companies to optimize their asset footprints, and increase the
efficiency and productivity of their respective assets.

The transaction is expected to close in the first quarter of 2004, pending
regulatory approval and customary closing conditions.


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.

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,

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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 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.

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