nfu


The President of the National Farmers Union sees the sale of Viterra as a grim footnote in history.

Yesterday, shareholders voted in favour of selling the company to Swiss based Glencore International for just over 6 billion dollars.

Terry Boehm says Viterra was created from the former wheat pools – co-operatives that were created and owned by four generations of prairie farmers. Now the assets they built are being sold off to an international commodity trader. He says Instead of farmers earning equity dividends like they once did, they will be paying for these assets again through the handling charges that Glencore will collect.

Meanwhile, Saskatchewan Agriculture Minister Lyle Stewart says he's optimistic the new Viterra deal will be good in the long run, saying the province hopes that Ottawa will ensure that Glencore establishes Regina as its North American headquarters and maintains employment in the field.