Richardson International is preparing for its takeover of some of Viterra’s operations in Western Canada.
As part of Glencore's acquisition of Viterra, Richardson has entered an agreement to purchase 23 percent of Viterra’s Canadian grain handling assets.
Vice-President Jean-Marc Ruest explained the regulatory process will take some time, “There are a number of different stages along the way. The first one being Glencore requiring their regulatory approvals, there is a Viterra shareholder meeting scheduled to approve the transaction, then after we have to obtain our own regulatory approvals.”
Ruest also explained what producers can expect after approvals, “I think they can expect more of what they've come to know of dealing with Richardsons Pioneer we've been in the business for 155 years I think we've managed to develope good relationships with our producer costumers both on the crop input and the grain contract side this give us a larger prescence in Western Canada.”
Richardson will move from 25 to 34 percent market share on the prairies, while Glencore’s assets will account for approximately another 34 percent.