Arab Today, arab today glencore plans to divide viterra into three units
Last Updated : GMT 04:15:50
Arab Today, arab today
Arab Today, arab today

Glencore plans to divide Viterra into three units

Arab Today, arab today

Arab Today, arab today Glencore plans to divide Viterra into three units

London - Arabstoday

Glencore would carve up Viterra into three pieces if it wins a bidding war for Canada’s largest grain handler, an industry source said, describing the Swiss trader’s plan for navigating the government scrutiny that a foreign takeover would face. The source told Reuters the commodity trading giant wanted to buy all of Viterra and then sell its retail business to Agrium, a Canadian fertiliser producer. Richardson International, a closely held Canadian grain trader, would take Viterra’s food processing unit in a rare and complex deal known as “back-to-back” transaction. Earlier reports said Glencore, also bidding for mining group Xstrata, was planning a joint offer with Agrium and Richardson, something that might help the Swiss-based trader get round Canadian concerns about a sale to a foreign entity. As the second-largest Canadian grain handler, Richardson would likely also be interested in some grain elevator and port assets. Viterra, based in Regina, Saskatchewan, said on Thursday it had established a process for potential buyers, and its stock rose 10 per cent.  Viterra stands to profit from a government decision to end the Canadian Wheat Board’s monopoly on Western Canadian wheat and barley sale. A successful bidder would win access to Canada’s high-quality canola, spring wheat, oats and durum wheat supplies. Canada, the world’s No. 8 grains producer, is the leading exporter of each crop. The company’s shares ticked up 0.6 per cent on Friday to C$16.18, while Glencore stock gained 1.5 per cent to 420.36 pence. Shares have hovered around $16 since on Thursday, when Viterra said it was aware of media reports of interest at that price. That would value it at some C$5.9 billion ($5.95 billion). US-based Bunge and Archer Daniels Midland have also made approaches to Viterra. Sensitivity to anti-trust issues will be key to how Glencore, Richardson and Agrium -or other suitors -propose to break down the assets, said a second source familiar with the matter. The source, who is not authorized to speak on the record, asked not to be named in this story.

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