Canadian government approves Bunge’s US$8.2-billion acquisition of Viterra
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Hey there, time traveller!
This article was published 14/01/2025 (621 days ago), so information in it may no longer be current.
The Canadian government has approved Bunge Ltd.’s US$8.2-billion acquisition of Viterra Ltd. in a decision that includes terms and conditions meant to allay concerns about competition.
The Competition Bureau said in a report last April to then-transport minister Pablo Rodriguez that the deal was likely to hurt competition in the grain and canola oil markets.
It also found that Bunge, the world’s largest oilseed processing company, could influence the behaviour of G3 Global Holdings, a major competitor to Viterra.
Transport Canada says strict and legally binding controls are needed on U.S.-based Bunge’s minority ownership stake in G3 to ensure it can’t influence that company’s pricing or investment decisions.
Among other terms and conditions are a commitment to retain Viterra’s head office in Regina for at least five years and an investment of at least $520 million in Canada within the next five years.
Viterra, formerly the Saskatchewan Wheat Pool, is a grain-handling business that has more than 80 facilities across the country.
Viterra was acquired by Swiss commodities giant Glencore in 2012 for $6.1 billion. Glencore later sold a 40 per cent stake in the company to the CPP Investment Board and a nearly 10 per cent stake to the B.C. Investment Management Corp.
This report by The Canadian Press was first published Jan. 14, 2025.