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Richardson set to acquire Viterra grain assets

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Glenore’s $6.1 billion acquisition of Viterra was completed this week clearing the way for Richardson International Limited to close its transaction with Glencore to acquire some former Viterra grain handling, crop input and processing assets.

Richardson officials say it has now received all the regulatory approvals required to proceed with the transaction and will be working with Glencore to close the deal as soon as possible in 2013.

Last March, Richardson announced that it had reached an agreement with Glencore to acquire in excess of $800 million worth of Viterra assets.

The diversified Winnipeg-based family-owned corporation will be buying 19 country elevators and the crop input centres co-located with those elevators.

The deal will boost Richardson’s share of the Prairie grain handling market to 34 per cent from 25 per cent, the same share Swiss-based Glencore will have. Cargill Ltd. will have between 20 and 25 per cent.

Richardson’s agreement with Glencore also includes the purchase of a 25 per cent ownership interest in Cascadia Terminal in Vancouver and a Viterra terminal in Thunder Bay. The package also includes the Can-Oat Milling business with oat processing plants in Portage la Prairie, Martensville, Sask. and Barrhead, Alta., and 21st Century Grain Processng, which has an oat processing plant in South Sioux City, Neb. and a wheat mill in Dawn, Tex.

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