Bunge said it will receive cash proceeds of $775 million as part of the agreement, which it expects to use to cut debt. But the company said in a U.S. filing that it is planning a third-quarter impairment charge "in the range of $1.5 billion to $1.7 billion" related to the "cumulative currency translation effects" of its business in Brazil. Bunge shares opened up more than 3% higher in New York before reducing gains to 1.4%. BP rose 0.3% in London. The U.S.-based company has tried to sell its sugar operation in Brazil in the past with no success. It then tried listing shares of the unit in Sao Paulo last year, but canceled the plan, citing adverse market conditions. Bunge sold its sugar trading business to Wilmar International Ltd last year. Its bioenergy unit posted losses in five of the past six quarters and the company forecast results for the unit would be roughly break-even in 2019.