$8.2B Viterra-Bunge merger now complete
'Today is a defining moment for our company and our global team as we complete this transformative business combination. I'm grateful to our colleagues whose energy, collaboration and commitment brought us to this milestone,' Bunge CEO Greg Heckman said in a statement.
Heckman went on to say the two companies will form a stronger organization in the food, feed and fuel sectors.
'Now, we begin the exciting work of bringing our teams and operations together, uniting our strengths to realize the full potential of this combination,' Heckman said.
As part of the merger, Heckman will continue to lead the company, while current Viterra CEO David Mattiske will join the Bunge executive leadership group as a Co-Chief Operating Officer.
In a message appearing on its own website, Regina-based Viterra said 'as of July 2, Bunge and Viterra combined to become one company. Together, we will play a leading role in the future of the agriculture industry.'
The deal was approved by Ottawa in January with several conditions following its initial announcement in 2024. The merger has come under fire from various agricultural groups and the Saskatchewan NDP.
The terms include Bunge's selloff of six grain elevators in western Canada, strict and legally binding controls on Bunge's stake in G3 and a price protection program for certain purchasers of canola oil.
Additional terms include a commitment for Bunge to invest at least $520 million in Canada over the next five years and retain Viterra's head office in Regina for at least five years. A full list of terms is available on the Orders in Council online database.
In total, the merger deal is worth $8.2 billion.
Viterra, formerly the Saskatchewan Wheat Pool, is a grain-handling business that has more than 80 facilities across the country.
Viterra was acquired by Swiss commodities giant Glencore in 2012 for $6.1 billion. Glencore later sold a 40 per cent stake in the company to the CPP Investment Board and a nearly 10 per cent stake to the B.C. Investment Management Corp.
-With files from David Prisciak and the Canadian Press
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