Bunge said its $47.8-billion deal to buy Viterra is close to being finalized after Canada approved the merger, reports Reuters News Agency.
Canada has imposed conditions including Bunge’s divestiture of six grain elevators in Western Canada and a binding commitment from Bunge to invest at least $520 million in Canada within the next five years, according to a statement from the transport ministry.
The approval also requires strict and legally binding controls on Bunge’s minority stake in Saudi-owned grain company G3 to ensure Bunge cannot influence G3’s pricing or investment decisions, the ministry said.
Bunge, Viterra and G3 account for a combined one-third of Western Canada’s elevator capacity.
