Agri-food business reports discussions with third party
Regina, Sask. – Agri-food giant and grain handler Viterra Inc. has confirmed that it is in exclusive discussions with a third party regarding the possible acquisition of Viterra.
Last week there was speculation that one or several third parties were interested in acquiring the Regina-based company.
With estimated sales of about $6 billion, Viterra is Canada’s largest grain handler, accounting for approximately 45 per cent of the country’s harvest. As well as Canadian business, Viterra has operations the U.S., Japan, Singapore, China, Switerzerland, Ukraine, New Zealand and Australia.
Potential bidders for Viterra are rumoured to include American companies Cargill, Archer Daniels Midland, and Bunge; Switzerland-based commodities trader Glencore; and Calgary, Alta.-based fertilizer business Agrium.
Based on Viterra’s stock price, which jumped last week based on takeover speculation, a possible deal could be worth more than $5 billion.