(Bloomberg) -- Bunge Ltd. is nearing a settlement with two activist investors that would see four new directors appointed to its board by year-end and result in the company launching a strategic review, according to people familiar with the matter.

Bunge could announce the settlements with D.E. Shaw & Co. and Continental Grain Co. this week, said the people, asking not to be identified because the matter is private.

The agreement would expand Bunge’s board to 15 people from 11 through the addition of three new directors immediately and another by year-end, the people said. The settlement hasn’t been finalized and talks could still fall apart, they said.

Representatives for D.E. Shaw and Continental Grain declined to comment. A representative for Bunge didn’t respond to requests for comment.

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Continental Grain has been pushing Bunge to explore a sale since at least March, when it revealed a previously undisclosed stake in the company, people familiar with the matter said at the time. D.E. Shaw has also joined Continental Grain’s push for changes at the agricultural commodities, people familiar with the matter said this month.

Bunge rose 3.5 percent to $68.08 per share as of 12:15 p.m. in New York trading, giving the White Plains, New York-based company a market value of about $9.6 billion.

The Wall Street Journal reported the potential settlement earlier.

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