Less than three years after the end of the Canadian Wheat Board’s single desk, the CWB is on the verge of becoming a private grain company controlled by a joint venture between global grain business Bunge and the Saudi Agricultural and Livestock Investment Company — the Saudi Arabian government’s primary agricultural investment arm.
The new alliance known as G3 Global Grain Group (G3) is paying C$250 million to acquire a 50.1 percent ownership stake in CWB, with 49.9 percent ownership to be held in trust for farmers for at least seven years.
Karl Gerrand, formerly with Can-Oat Milling and Viterra, has left his position as head of Bunge Canada to become the CEO of G3. In the video below, he explains why Bunge and the Saudis were interested in acquiring control of the CWB, farmer ownership and the future of the grain marketing business.
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