Bunge Ltd.’s proposal to acquire Glencore-backed Viterra will undergo a public review in Canada, including with members of the port and marine industry, to ensure fair transportation pricing and access.
The US$8.2 billion deal poised to create an agricultural trading giant is of “significant national interest in Canada’s transportation sector and the broader supply chain” as both companies hold ownership interests in port terminals throughout our country, the nation’s Minister of Transport Pablo Rodriguez said in a statement.
The transaction will be scrutinized under the mergers and acquisitions provisions of the Canada Transportation Act and has a completion deadline of June 2. “Healthy competition in the transportation sector is necessary to ensure fair pricing and access for users, especially for Canadian farmers,” the minister wrote.
Bunge shares slid 1.5 per cent as of 3:04 p.m. in New York.
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