Viterra has apparently established rules to review any potential takeover offers, however, the company warns it can't guarantee what price it will fetch, or that there will be any deal at all.
U.S. based companies such as Archer Daniels Midland and Bunge Limited, as well as Hong Kong-based Noble Group Ltd., are said to be interested.
Glencore International, a commodity and mining giant based in Switzerland, has reportedly made a $5.5 billion offer to take over Viterra. The Financial Times said Thursday that Glencore was teaming up with two Canadian companies, Winnipeg grain handler Richardson International and Calgary fertilizer and ag retail company Agrium, on a joint bid.
There’s speculation that if that bid is successful, Viterra could be split into three parts. According to a report in the Times Glencore would take the grain-handling business, Agrium would get Viterra's 261 farm product stores and Richardson would take the food-processing business.
A foreign takeover of Viterra would be subject to a federal government review to determine whether it is of "net benefit" to the country, and with Canadian partners it may be easier for Glencore to move through the federal review process.
Viterra won't confirm any of it and is telling its investors not to rely on such reports.
Thu, Apr 25, 10:00 AM
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