Elevators and ag-retail sites in several prairie towns will see new colours flying soon. As of today Richardson International Limited will take over certain of Viterra’s elevators, ag-retail sites, oat milling properties and Viterra’s share of 21st Century Grain Processing in the United States, plus a terminal at Thunder Bay, Ontario.
Viterra released this statement regarding the transfer of assets today:
…In addition, Viterra has also completed the sale of its minority interest in a nitrogen facility located in Medicine Hat, Alberta to CF Industries Holdings, Inc., the purchaser nominated by Agrium Inc. (Agrium). The sale reduced by C$995 million the outstanding loan provided by Agrium in accordance with the provisions of the support and purchase agreement (the Agrium Agreement) between, among others, Viterra and Agrium.
Richardson paid Viterra approximately C$96 million on closing of the asset transfer to Richardson on account of the purchase price adjustment in accordance with the provisions of the Richardson Agreement. Viterra will pay Agrium approximately C$75 million as a partial purchase price adjustment and the material purchase price adjustments under the Agrium Agreement have not been determined at this time. The purchase price adjustments are in each case subject to adjustments in certain circumstances.