Archer Daniels Midland Co. has made a takeover approach to Bunge Ltd., according to people familiar with the matter, setting up a possible bidding war after Glencore PLC earlier made an overture to the agricultural powerhouse.

Details of the ADM approach are unclear, and it is possible neither company would succeed in buying Bunge, which had a market value of about $9.8 billion as of Friday afternoon. ADM’s valuation was $22.6 billion.

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