Bunge and Viterra statement on Canadian Competition Bureau report
ST. LOUIS, MO and ROTTERDAM, Netherlands – 23 April 2024 - Bunge and Viterra are pleased that the Canadian Competition Bureau has concluded its review of Bunge’s proposed acquisition of Viterra and issued its non-binding advisory report to the Minister of Transport. We appreciate the Bureau’s time and effort in reviewing the transaction.
As described in the advisory report, the companies operate complementary businesses in markets with numerous effective competitors. The report concluded that the Commissioner had no specific competition concerns for grain purchasing in Eastern Canada and in most of Western Canada, for port terminal operations, for meal sales, and for sales of the vast majority of downstream refined and specialty oil products. It identifies localised concerns relating to the purchase of canola in the Nipawin, SK and Altona, MB areas, and related to canola oil sales to a small segment of customers in Eastern Canada. It also notes a potential concern regarding Bunge’s minority stake in G3 Canada.
We believe the noted concerns are misplaced and look forward to working with Transport Canada and the Bureau to provide further information addressing these points. We are pleased the regulatory process is advancing and are confident the transaction will yield considerable benefits to Canada. These will include stronger supply chains in uncertain global markets, maintaining Canadian leadership in agriculture and food by increasing capacity to invest, and employing thousands of Canadians in well-paying jobs.
Once the remaining required regulatory approvals are obtained, including the receipt of Canada Transportation Act approval, the transaction is expected to close in mid-2024.
Media enquiries:
jeff.cockwill@viterra.com
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Bunge news bureau Bunge Limited
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About Viterra
At Viterra, we believe in the power of connection. Our world-leading agriculture network connects producers to consumers with sustainable, traceable and quality-controlled agricultural products. With more than 16,000 talented employees operating in 37 countries, our strategic network of agricultural storage, processing and transport assets enable us to offer innovative solutions and open pathways for our customers, creating successful partnerships that last. Together, we are stronger, and achieve more.
About Bunge
At Bunge (NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, global scale and deeply rooted relationships, we work to strengthen global food security, increase sustainability where we operate, and help communities prosper. As a world’s leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to bring quality products from where they’re grown to where they’re consumed. At the same time, we collaborate with our customers to develop tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company has its registered office in Geneva, Switzerland and its corporate headquarters in St. Louis, Missouri. We have approximately 23,000 dedicated employees working across approximately 300 facilities located in more than 40 countries.