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Bunge delays completion of US$8.2 billion Viterra acquisition

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Crop trader Bunge Global SA said its US$8.2 billion acquisition of Viterra Inc. will be delayed as the company is still awaiting regulatory approval from several governments including China, Canada and the European Union.

Tarso Veloso and Gerson Freitas Jr.A Viterra grain elevator in Saskatoon, Saskatchewan, Canada, on Monday, June 12, 2023. --

The companies have the bulk of the approvals required, but they are “continuing to constructively engage with relevant authorities in the remaining jurisdictions,” Chief Executive Officer Greg Heckman said during an earnings call on Wednesday.The deal, announced in June last year, is being delayed by antitrust concerns. Bunge and Viterra offered concessions that will likely win a nod from the European bloc, while Canada’s antitrust watchdog has raised concerns about the deal.

 

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Grain Growers of Canada raises concerns about proposed Bunge-Viterra merger as feds prepare to make decision on deal&8220;Our position right now is really for the government to really take a thorough review here, because I think there are major concerns,&8221; said Kyle Larkin, executive director of the GGC.
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