Bunge and Viterra are satisfied with the conclusion of the Canadian Competition Bureau’s review regarding Bunge’s proposed acquisition of Viterra, and the subsequent issuance of its non-binding advisory report to the Minister of Transport. We express gratitude for the Bureau’s diligent examination of the transaction.
The advisory report delineates that both companies operate in complementary sectors within markets featuring robust competition. It highlights that the Commissioner has no specific competition apprehensions regarding grain procurement in Eastern Canada and most of Western Canada, port terminal operations, meal sales, and sales of the majority of downstream refined and specialty oil products. However, localized concerns were identified regarding canola procurement in the Nipawin, SK and Altona, MB regions, and concerning canola oil sales to a specific segment of customers in Eastern Canada. Additionally, a potential concern was raised regarding Bunge’s minority stake in G3 Canada.
We assert that these noted concerns are unwarranted and anticipate collaborating with Transport Canada and the Bureau to furnish additional information to address these matters. We are encouraged by the progression of the regulatory process and remain confident that the transaction will bring substantial benefits to Canada. These advantages encompass fortified supply chains amidst volatile global markets, the reinforcement of Canadian leadership in agriculture and food through enhanced investment capacity, and the creation of numerous well-paying job opportunities for Canadians.
Upon securing the remaining requisite regulatory approvals, including Canada Transportation Act approval, we anticipate the transaction’s closure in mid-2024.
