2023-09-26 19:14:17
The Canadian government will examine the proposed merger between American grain trader Bunge and Glencore-backed Viterra, the transport minister said in a statement released Tuesday.
As part of this review, the Department of Transportation will launch a public interest assessment of the proposed acquisition, which must be completed by June 2, 2024, Canadian Transport Minister Pablo Rodriguez said in a statement. communicated.
Both companies have stakes in port terminals across the country. Healthy competition in the transportation sector is necessary to ensure fair prices and access for users, particularly Canadian farmers,” said Mr. Rodriguez.
Canada’s Competition Bureau said in June it would review the merger, which would create an agricultural trading giant worth about $34 billion, including debt.
The transaction would bring the merged company closer to its main rivals, Archer-Daniels-Midland and Cargill.
The merger would also allow Bunge to increase its grain storage and handling capabilities in Australia, a major wheat exporter. (Reporting by David Ljunggren and Seher Dareen in Bengaluru; Editing by Chris Reese and Pooja Desai)
1695761723
#Canadian #government #examine #proposed #merger #Bunge #Viterra #Minister #Transport #September #p.m