Swiss giant buys Viterra

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The global commodities giant set to take control of agribusiness Viterra’s Australian operations says it has no plans to change the way the business operates.

After weeks of takeover speculation, Switzerland’s Glencore successfully offered about $C6.1 billion ($A5.86 billion) for Canada-based Viterra, whose board has accepted the figure.

Viterra is a Canadian food products business and through its acquisition of ABB Grain in 2009 took ownership of grain handling and marketing, agri-products and malt manufacturing operations in Australia.

It employs more than 1,000 permanent staff in Western Australia, South Australia, Tasmania, Victoria, NSW and Queensland.

As part of Glencore’s takeover deal, it will sell the majority of Viterra’s agri-products business, including the Australian retail operations, to Canadian agribusiness Agrium.

A spokesman for Glencore said there were no plans to make changes to the Australian operations of Viterra, given the growth in the business since the acquisition of ABB Grain.

Glencore director of agricultural products Chris Mahoney said the acquisition of Viterra Australia would prove a strong addition to its existing Australian grain business.

“The acquisition of Viterra reflects our strong belief in the importance and future potential of the Canadian and Australian grain markets,” he said in a statement.

“This is an exciting opportunity to deliver the real benefits that can be generated through the combination of Glencore’s and Viterra’s respective assets, people and know-how to both farmers and customers in Canada, Australia and further afield.”

Glencore’s takeover of Viterra still requires the approval of a court, shareholders and regulators.

Australian-listed Viterra shares gained 14 cents to $15.27.