John Neppl: Well, I don’t think we’re ready to say that yet. I think we are committed to our dividend as an important part of our return to shareholders. And as we look forward, we’ll assess that with everything we have going on and with our outlook, timing of the share buyback. We mentioned that our goal is to get the other $400 million done by the time we close the transaction, but that gives us some time to take a hard look. And historically, we review that in Q1, and then we had generally adjust that when we get toward May. So we’ll do the same thing this year. We’ll take a look. It’s probably too early to tell, but we certainly have a lot of good opportunities for capital allocation. So it’s a good problem to have because we’ve got a lot of great opportunities ahead of us. So — but again, early, but we are committed to our dividend as well. We know that’s important to our shareholders.
Benjamin Theurer: Okay. Perfect. And then on Argentina, you’ve mentioned it a couple of times was like the expectation of, well, hopefully getting maybe better supply, et cetera. But obviously, there’s also the political risk lingering in with the upcoming elections and a little bit of the surprise outcome over the last weekend. Can you help us understand in between the two extremes, what the potential impact could be for the industry as a whole and for Bunge in specific?
Gregory Heckman: Yes. I’d probably start by saying I’m not a great political procrastinator. So I will be getting forecast — I will say, we’ve been in Argentina a very long time. And so we have worked closely with the government. Agriculture is a very important industry. We’ve worked with a lot of different regimes to help them accomplish their goals. And I think regardless of who’s in charge following the November election. It’s not a light switch. It doesn’t happen overnight. It takes a while to effectuate change and we want to be a good partner to the government and we’ll be there.
Benjamin Theurer: Okay. I guess, that’s as much as you can say for now. Well, thank you very much and congrats.
Gregory Heckman: Thank you.
Operator: Thank you. The next question comes from Adam Samuelson with Goldman Sachs. Please go ahead.
Adam Samuelson: Yes, thank you. Good morning everyone.
Gregory Heckman: Good morning, Adam.
John Neppl: Good morning.
Adam Samuelson: Good morning. Maybe going back to the refining and specialty oils. I mean, this business performance you raised the outlook again. It’s been a pretty consistent source of upside for a couple of years at this juncture. And as we look at the more recent kind of performance doesn’t seem to imply the South America business operating at its peak, particularly in Brazil. And so I’m just trying to — as you think about the medium term in refined and specialty oils, and I understand that some of the refining premium in the U.S. might go to crush over time depending on how the pretreatment works. But how — are you taking a more constructive medium-term view of the earnings potential here? Or what would hold you back from maybe kind of further updating kind of the medium-term outlook or profit contribution expectations from this business unit.
Gregory Heckman: Yes. One thing, and I should probably clarify or remind everyone of, I mean, that’s a great global business, and we have done a lot of work the last few years to really improve everything, how we’re integrated with our value chains on the risk management? How we’re working with customers and our customer segmentation? How we’re working with customers on innovation? And with the supply chain problems that the industries went through as well as a lot of switching on the oils. Now remember, over 80% still goes to food, even though there’s 20% going to fuel or to feed as we’re seeing some of that reformulation. But the food industry is very strong there. We added that Avondale refinery in Louisiana this year and we integrated that right into the network, and that’s allowing us to import additional seed and tropical oils and serve our food customers here in North America.
So overall, the energy demand is important, but there’s a great strong underlying business there that’s executing very well for our customers. And that’s both the brands that are the CPG brands, some of the famous brands that you know well as well as in the foodservice space as well.
Adam Samuelson: Okay. That’s helpful. And then maybe just going over back to the CJ Selecta acquisition. Can you just talk about how kind of — we already have a relationship with Imcopa, who I believe is also one of the major soy protein concentrate producers in Brazil. So how does the Selecta acquisition kind of fit with kind of relationships that you already have with one of the other kind of major players in that market? And I guess more broadly, how do you think about the long-term growth of that category of ingredient longer term?
Gregory Heckman: Yes. I think it’s a great fit, right, for us to run our programs, whether it’s working with producers to add value on the — running the non-GMO programs or even on the GMO programs that allows us Selecta is a big supplier to the feed industry and the aquaculture, which continues to have nice growth. So we see them definitely as complementary. And then, of course, as we bring Morristown up. And what we want to do strategically, right, is have a great footprint in North America and South America with a low-cost position with that direct connection to farmers to build those transparent, verifiable supply chains for our customers and ultimately lower CI products and grow with that market, because it’s going to grow, all meats been soft, but the kind of traditional use of as extending in traditional meat continues to be strong.
We’re seeing growth in dairy. We’re seeing growth in pet. And then as we said, growth in the aquaculture. So this is another one of those that just long-term is a place we have a right to win. It’s a natural adjacency. It also adding Selecta that was kind of the last area in Brazil. We didn’t have much of an origination footprint, and we want to be able to serve all of our producers. And then, of course, with our partner, UPL, with Origeo, we’ll be able to bring some of those regenerative practices and other practices to our farmers. So really, it’s about continuing to build out our footprint where we’ve got those gaps and do what we’re good at and stay really focused.
Adam Samuelson: Okay. And I appreciate all the [indiscernible]. Thanks.
Operator: Thank you. The next question comes from Salvator Tiano with Bank of America. Please go ahead.
Salvator Tiano: Yes. Thank you. So firstly, I wanted to also ask about the CJ acquisition. If I heard correctly, you mentioned it was $600 million. And firstly, I want to clarify because I think some reports from Korea, the price was under $400 million, $350 million or so. So what’s the difference between what the seller said and the price you mentioned? And given that it is a substantial acquisition, can you discuss a little some of the metrics, perhaps the expected contribution to profitability, the volumes that are being processed or anything else that’s relevant?
John Neppl: Yes. First thing, Salvator is the Korean owners that announced only own 65% of the JV. So they were just reporting on their proceeds they were going to receive in the transaction. With respect to the overall, how to think about it, we’re expecting early on low teens return, but getting to mid-teen returns on that project, and it will be accretive day one. In terms of what we can do with it, I mean, I think our goal is to grow that over time, as Greg kind of talked about the markets that we should be able to serve out of that asset. It’s very complementary to what we do today, but also a growing European market, for example, has been a destination for that plant, in that operation. And so we’re pretty optimistic about it. But it will be — we think day one, a very good accretive project for us.
Salvator Tiano: Perfect. And I just want to follow-up a little bit and ask about international crush margins that haven’t really been great. And if you can just give us an update where are things today in your key non-U.S. regions versus where they were on average for Q3?
