The sale of Viterra to Bunge has cleared its final hurdle.
Bunge says it has received approval from regulatory authorities in China of its US$8.2 billion acquisition of Viterra — a marriage of two multinational grain and oilseed businesses that was first announced in 2023.
Bunge now expects to close the deal on or around July 2.
"Achieving this regulatory milestone is a significant step forward and clears the way for closing of the transaction," says Bunge CEO Greg Heckman, in a statement shared with RealAgriculture. "This approval underscores the strategic rationale behind bringing Bunge and Viterra together to create a premier global agribusiness company. As one team, we will accelerate our shared vision for growth and fulfill our purpose to connect farmers to consumers to deliver essential food, feed, and fuel to the world."
As part of the Canadian government's approval earlier this year, Bunge is required to sell six grain elevators near Bunge's canola crush plants at Altona, Man. and Nipawin, Sask. The company must retain its Canadian head office in Regina for at least five years, and invest at least C$520 million in infrastructure in Canada within the next five years. Bunge is also supposed to implement measures to avoid influencing G3 Canada's business decisions, in which Bunge is a minority stakeholder.
Viterra was formed in 2007 when the Saskatchewan Wheat Pool bought Agricore United.
Glencore, which has owned 50 per cent of Viterra since 2012, is set to receive $1 billion in cash and a 15 per cent stake in the combined company after the deal closes. The Canada Pension Plan Investment Board, which holds a 40 per cent stake in Viterra, would receive a 12 per cent position after the merger, as well as $800 million in cash, while the B.C. Investment Management Corp would hold a 3 per cent stake.
The combined company will operate under the Bunge banner, with global headquarters in St. Louis, Missouri.
Related: Canadian government grants approval of Bunge’s acquisition of Viterra
