Canada’s agriculture sector is disappointed with the federal government’s decision to approve Bunge’s $8.2 billion acquisition of Viterra.
“This is a missed opportunity to protect competition in Canada’s grain sector and prioritize the interests of producers who grow the food that Canada and the world rely on,” Kyle Larkin, executive director of Grain Growers of Canada, said in a statement. “We are urging the government to revisit these conditions, strengthen measures to foster competition, and take meaningful steps to support Canada’s grain farmers.”
Details of the agreement include Bunge’s divestiture of six grain elevators in Western Canada, legally binding controls on its minority ownership stake in G3, and committing to retaining Viterra’s head office in Regina for at least five years.
The federal government believes this deal is a good one.