Bunge slips after Spruce Point says it is short on co

Shares of agribusiness company Bunge BG.N fall ~1% $122.88

Spruce Point Capital Management discloses short position against BG and calls for an independent investigation into the accuracy of its financial reporting and accounting

Says co "has demonstrated an inability to deliver value to shareholders absent external financing"; estimates a 55% to 80% potential downside and material market underperformance risk

"Bunge also says nothing about the growing impact of GLP-1 weight loss drugs in its SEC filings or conference calls, but with customers in the food products industry, we believe it is likely feeling the effects," Spruce Point adds

BG's acquisition of Viterra was "borne out of necessity to deflect from its core challenges and a transaction, and we believe that it has wildly disappointed" - Spruce Point

Reuters could not independently verify the short seller's claims

As of last close, BG up 38% YTD