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Bunge and Viterra have received a positive advisory report from the Canadian Competition Bureau regarding Bunge's proposed acquisition of Viterra. The report highlights that the companies operate in complementary markets with minimal competition concerns. While some localized issues were identified, both companies are confident in addressing them. The transaction is expected to bring significant benefits to Canada, including stronger supply chains, increased investment capacity, and job creation. The closing of the deal is anticipated in mid-2024.
Bunge e Viterra hanno ricevuto un rapporto consultivo positivo dall'Ufficio della Concorrenza Canadese riguardo l'acquisizione proposta di Viterra da parte di Bunge. Il rapporto sottolinea che le aziende operano in mercati complementari con minime preoccupazioni competitive. Sebbene siano stati identificati alcuni problemi localizzati, entrambe le compagnie sono fiduciose nella loro risoluzione. Si prevede che la transazione porterà notevoli benefici al Canada, inclusi catene di approvvigionamento più robuste, una maggiore capacità di investimento e la creazione di posti di lavoro. La chiusura dell'accordo è prevista per metà del 2024.
Bunge y Viterra han recibido un informe asesor positivo del Buró de Competencia de Canadá acerca de la adquisición propuesta de Viterra por parte de Bunge. El informe destaca que las compañías operan en mercados complementarios con preocupaciones mínimas de competencia. Aunque se identificaron algunos problemas localizados, ambas empresas confían en poder abordarlos. La transacción se espera que aporte beneficios significativos a Canadá, incluyendo cadenas de suministro más fuertes, mayor capacidad de inversión y creación de empleo. Se anticipa que el cierre del trato ocurrirá a mediados del 2024.
Bunge와 Viterra는 캐나다 경쟁국으로부터 Bunge의 Viterra 인수 제안에 대한 긍정적인 자문 보고서를 받았습니다. 보고서는 회사들이 최소한의 경쟁 우려로 보완적인 시장에서 운영하고 있음을 강조합니다. 일부 지역적 문제가 확인되었지만, 양사 모두 이를 해결할 수 있다고 확신합니다. 이 거래는 캐나다에 강력한 공급망, 더 큰 투자 능력 및 일자리 창출을 포함한 중대한 혜택을 가져올 것으로 예상됩니다. 거래 종결은 2024년 중반에 이루어질 것으로 예상됩니다.
Bunge et Viterra ont reçu un rapport consultatif positif du Bureau de la concurrence canadien concernant l'acquisition proposée de Viterra par Bunge. Le rapport souligne que les entreprises opèrent dans des marchés complémentaires avec des préoccupations concurrentielles minimales. Bien que certains problèmes localisés aient été identifiés, les deux entreprises sont confiantes dans leur capacité à les résoudre. On s'attend à ce que la transaction apporte des avantages significatifs au Canada, y compris des chaînes d'approvisionnement plus robustes, une capacité d'investissement accrue et la création d'emplois. La clôture de l'accord est prévue pour mi-2024.
Bunge und Viterra haben einen positiven Beratungsbericht vom kanadischen Wettbewerbsbüro bezüglich der vorgeschlagenen Übernahme von Viterra durch Bunge erhalten. Der Bericht hebt hervor, dass die Unternehmen in komplementären Märkten mit minimalen Wettbewerbsbedenken tätig sind. Obwohl einige lokale Probleme identifiziert wurden, sind beide Unternehmen zuversichtlich, diese anzugehen. Die Transaktion wird voraussichtlich erhebliche Vorteile für Kanada bringen, einschließlich stärkerer Lieferketten, erhöhter Investitionskapazität und Schaffung von Arbeitsplätzen. Der Abschluss des Geschäfts wird für Mitte 2024 erwartet.
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ST. LOUIS & ROTTERDAM, Netherlands--(BUSINESS WIRE)--
Bunge and Viterra are pleased that the Canadian Competition Bureau has concluded its review of Bunge’s proposed acquisition of Viterra and issued its non-binding advisory report to the Minister of Transport. We appreciate the Bureau’s time and effort in reviewing the transaction.
As described in the advisory report, the companies operate complementary businesses in markets with numerous effective competitors. The report concluded that the Commissioner had no specific competition concerns for grain purchasing in Eastern Canada and in most of Western Canada, for port terminal operations, for meal sales, and for sales of the vast majority of downstream refined and specialty oil products. It identifies localized concerns relating to the purchase of canola in the Nipawin, SK and Altona, MB areas, and related to canola oil sales to a small segment of customers in Eastern Canada. It also notes a potential concern regarding Bunge’s minority stake in G3 Canada.
We believe the noted concerns are misplaced and look forward to working with Transport Canada and the Bureau to provide further information addressing these points. We are pleased the regulatory process is advancing and are confident the transaction will yield considerable benefits to Canada. These will include stronger supply chains in uncertain global markets, maintaining Canadian leadership in agriculture and food by increasing capacity to invest, and employing thousands of Canadians in well-paying jobs.
Once the remaining required regulatory approvals are obtained, including the receipt of Canada Transportation Act approval, the transaction is expected to close in mid-2024.
About Bunge
At Bunge (NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, global scale and deeply rooted relationships, we work to strengthen global food security, increase sustainability where we operate, and help communities prosper. As a world’s leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to bring quality products from where they’re grown to where they’re consumed. At the same time, we collaborate with our customers to develop tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company has its registered office in Geneva, Switzerland and its corporate headquarters in St. Louis, Missouri. We have approximately 23,000 dedicated employees working across approximately 300 facilities located in more than 40 countries.
About Viterra
At Viterra, we believe in the power of connection. Our world-leading agriculture network connects producers to consumers with sustainable, traceable and quality-controlled agricultural products. With more than 16,000 talented employees operating in 37 countries, our strategic network of agricultural storage, processing and transport assets enable us to offer innovative solutions and open pathways for our customers, creating successful partnerships that last. Together, we are stronger, and achieve more.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements to encourage companies to provide prospective information to investors. This press release includes forward looking statements that reflect our current expectations and projections about our future results, performance, prospects and opportunities. Forward looking statements include all statements that are not historical in nature. We have tried to identify these forward looking statements by using words including "may," "will," "should," "could," "expect," "anticipate," "believe," "plan," "intend," "estimate," "continue" and similar expressions. These forward looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward looking statements. The following factors, among others, could cause actual results to differ from these forward looking statements: the impact on our employees, operations, and facilities from the war in Ukraine and the resulting economic and other sanctions imposed on Russia, including the impact on us resulting from the continuation and/or escalation of the war and sanctions against Russia; the effect of weather conditions and the impact of crop and animal disease on our business; the impact of global and regional economic, agricultural, financial and commodities market, political, social and health conditions; changes in government policies and laws affecting our business, including agricultural and trade policies, financial markets regulation and environmental, tax and biofuels regulation; the impact of seasonality; the impact of government policies and regulations; the outcome of pending regulatory and legal proceedings; our ability to complete, integrate and benefit from acquisitions, divestitures, joint ventures and strategic alliances, including without limitation Bunge’s pending business combination with Viterra Limited (“Viterra”); the impact of industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products that we sell and use in our business, fluctuations in energy and freight costs and competitive developments in our industries; the effectiveness of our capital allocation plans, funding needs and financing sources; the effectiveness of our risk management strategies; operational risks, including industrial accidents, natural disasters, pandemics or epidemics and cybersecurity incidents; changes in foreign exchange policy or rates; the impact of our dependence on third parties; our ability to attract and retain executive management and key personnel; and other factors affecting our business generally.
The forward looking statements included in this release are made only as of the date of this release, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward looking statements to reflect subsequent events or circumstances.
You should refer to "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 22, 2024, and "Risks Related to the Acquisition" section of the Company's definitive proxy statement filed with the SEC on August 7, 2023.
What is the outcome of the Canadian Competition Bureau review of Bunge's proposed acquisition of Viterra?
The Canadian Competition Bureau issued a positive advisory report to the Minister of Transport regarding the acquisition, highlighting minimal competition concerns in most markets.
What are the benefits of the transaction between Bunge and Viterra for Canada?
The transaction is expected to result in stronger supply chains, increased investment capacity, and job creation in Canada.
When is the expected closing date for the acquisition of Viterra by Bunge?
The transaction is anticipated to close in mid-2024, pending the receipt of all required regulatory approvals.
What concerns were raised by the Canadian Competition Bureau in the advisory report?
Localized concerns were raised regarding the purchase of canola in specific areas and canola oil sales to a small segment of customers in Eastern Canada. Additionally, a potential concern was noted regarding Bunge's minority stake in G3 Canada.
How do Bunge and Viterra plan to address the concerns raised by the Canadian Competition Bureau?
Both companies are looking forward to working with Transport Canada and the Bureau to provide further information addressing the identified concerns.
