Agrium Hopes to Complete Purchase of Viterra Stores by Early 2013

Sep 19, 2012

Agrium to Buy Former Viterra Stores from Glencore Inc.

According to Agrium’s Chief Executive Mike Wilson, Agrium Inc. is expected to finalize the purchase of the majority of Viterra’s Canadian and Australian farm supply stores by the end of 2012 or early 2013. Agrium is the largest U.S farm retail supplier and is paying approximately $575 million (CAD) for most of the retail outlets, which sell chemicals, seeds and fertilizers directly to farmers.

Swiss-based Glencore International Plc. is expected to complete its takeover of Viterra later this month. Richardsons International Ltd. will also purchase some of Viterra’s crop-processing sites and grain-handling elevators after Glencore’s takeover of Viterra is finalized.

With the exception of China’s Ministry of Commerce, which is still in the review process of the transaction, the Glencore – Viterra deal has received approvals from regulatory authorities; however, the purchase of Glencore assets by Agrium and Richradson’s still awaits approval from the Canada’s Competition Bureau.

Video: Finding a Balance of Innovation and Regulation - Dr. Peter Facchini

Regulations help markets and industry exist on level playing fields, keeping consumers safe and innovation from going too far. However, incredibly strict regulations can stunt innovation and cause entire industries to wither away. Dr. Peter James Facchini brings his perspective on how existing regulations have slowed the advancement of medical developments within Canada. Given the international concern of opium poppy’s illicit potential, Health Canada must abide by this global policy. But with modern technology pushing the development of many pharmaceuticals to being grown via fermentation, is it time to reconsider the rules?

Dr. Peter James Facchini leads research into the metabolic biochemistry in opium poppy at the University of Calgary. For more than 30 years, his work has contributed to the increased availability of benzylisoquinoline alkaloid biosynthetic genes to assist in the creation of morphine for pharmaceutical use. Dr. Facchini completed his B.Sc. and Ph.D. in Biological Sciences at the University of Toronto before completing Postdoctoral Fellowships in Biochemistry at the University of Kentucky in 1992 & Université de Montréal in 1995.