Latest news with #GregHeckman
Yahoo
03-07-2025
- Business
- Yahoo
$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. Viterra operates more than 80 grain-handling facilities across Canada.
CBC
03-07-2025
- Business
- CBC
$8.2B US merger of Viterra and Bunge now complete
Social Sharing 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.
Winnipeg Free Press
03-07-2025
- Business
- Winnipeg Free Press
Viterra, Bunge $8.2B merger officially completed
Bunge announced its successful merger with Viterra Limited, forming what they anticipate will be a leading global agribusiness company specializing in food, feed, and fuel. This US$8.2-billion deal was finalized nearly six months after the Canadian government approved the merger, having included specific terms and conditions to address competition concerns. According to a media release, Bunge's CEO, Greg Heckman, stated that this union creates a more robust organization with enhanced capabilities and expertise. Viterra, a grain-handling business formerly known as the Saskatchewan Wheat Pool, operates over 80 facilities across Canada. 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. This report by The Canadian Press was first published July 3, 2025.
Yahoo
03-07-2025
- Business
- Yahoo
Viterra, Bunge $8.2B merger officially completed
Bunge announced its successful merger with Viterra Limited, forming what they anticipate will be a leading global agribusiness company specializing in food, feed, and fuel. This US$8.2-billion deal was finalized nearly six months after the Canadian government approved the merger, having included specific terms and conditions to address competition concerns. According to a media release, Bunge's CEO, Greg Heckman, stated that this union creates a more robust organization with enhanced capabilities and expertise. Viterra, a grain-handling business formerly known as the Saskatchewan Wheat Pool, operates over 80 facilities across Canada. 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. This report by The Canadian Press was first published July 3, 2025. The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
03-07-2025
- Business
- CTV News
$8.2B Viterra-Bunge merger now complete
The merger between U.S.-based Bunge and Viterra is now complete, according to a press release from Bunge on Wednesday. '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
