Bunge and Viterra are pleased that the Canadian Competition Bureau has concluded its review of Bunge’s proposed acquisition of Viterra and issued its non-binding advisory report to the Minister of Transport. The companies believe the noted concerns are misplaced and look forward to providing further information addressing these issues.

The media release issued by Bunge following the Competition Bureau’s report states: “Bunge and Viterra are pleased that the Canadian Competition Bureau has concluded its review of Bunge’s proposed acquisition of Viterra and issued its non-binding advisory report to the Minister of Transport. We appreciate the Bureau’s time and effort in reviewing the transaction.

As described in the advisory report, the companies operate complementary businesses in markets with numerous effective competitors. The report concluded that the Commissioner had no specific competition concerns for grain purchasing in Eastern Canada and in most of Western Canada, for port terminal operations, for meal sales, and for sales of the vast majority of downstream refined and specialty oil products. It identifies localized concerns relating to the purchase of canola in the Nipawin, SK and Altona, MB areas, and related to canola oil sales to a small segment of customers in Eastern Canada. It also notes a potential concern regarding Bunge’s minority stake in G3 Canada.

We believe the noted concerns are misplaced and look forward to working with Transport Canada and the Bureau to provide further information addressing these points. We are pleased the regulatory process is advancing and are confident the transaction will yield considerable benefits to Canada. These will include stronger supply chains in uncertain global markets, maintaining Canadian leadership in agriculture and food by increasing capacity to invest, and employing thousands of Canadians in well-paying jobs.

Once the remaining required regulatory approvals are obtained, including the receipt of Canada Transportation Act approval, the transaction is expected to close in mid-2024.”