Glencore to buy Canada grain giant
Glencore will acquire Viterra and then sell off some parts of the company to Canada’s Richardson International and Agrium, a step that should allay concerns that Ottawa could block the deal on national sovereignty or competition grounds. Viterra also has significant assets in South Australia.
The acquisition gives Glencore – long a powerhouse in oil and metals – a huge new presence in grains, an area now dominated by Archer Daniels Midland, Cargill and Bunge. The Swiss-based trader wants to round out its portfolio in anticipation of a coming squeeze on global supplies of grains as the populations of China, India and other emerging economies soars and diets improve.