$8.2B US merger of Viterra and Bunge now complete
The $8.2-billion US merger of Bunge and Viterra is now complete, forming one of the world's largest agribusiness companies.
The deal was confirmed in a news release issued by the Missouri-based Bunge on Wednesday. It comes nearly six months after the Canadian government approved the merger with Viterra, formerly known as the Saskatchewan Wheat Pool.
The deal was heavily criticized by agricultural producers, who fear it will reduce competition in the grain and canola markets.
That fear was detailed in a report issued in April 2024 by the Competition Bureau, which found the deal was likely to hurt competition in those markets.
It also found that Bunge, the world's largest oilseed processing company, could influence the behaviour of G3 Global Holdings, a major competitor to Viterra.
Transport Canada says strict and legally binding controls are needed on U.S.-based Bunge's minority ownership stake in G3 to ensure it can't influence that company's pricing or investment decisions.
Among the restrictions placed on the merger by Ottawa are a commitment to maintain Viterra's head office in Regina for at least five years and an investment of at least $520 million in Canada within the next five years.
According to a media release, Bunge's CEO Greg Heckman stated that the merger creates a more robust organization with enhanced capabilities and expertise.
As part of the new structure, former Viterra CEO David Mattiske now serves as co-chief operating officer on Bunge's executive leadership team. He joins Julio Garros, who previously held the role of Bunge's co-president of agribusiness.
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