© Reuters. Bunge Ltd emblem is seen displayed on this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/Illustration/File photograph
OTTAWA (Reuters) – The Canadian authorities will assessment a deliberate merger between U.S. grains service provider Bunge (NYSE:) and Glencore-backed Viterra, the transport minister stated in an announcement on Tuesday.
As a part of the assessment, the transport ministry will launch a public curiosity evaluation of the proposed acquisition, which should be accomplished by June 2, 2024, Canada’s Minister of Transport Pablo Rodriguez stated in an announcement.
“Each firms maintain possession pursuits in port terminals all through our nation. Wholesome competitors within the transportation sector is important to make sure truthful pricing and entry for customers, particularly for Canadian farmers,” Rodriguez stated.
Canada’s Competitors Bureau had stated in June it will assessment the merger, which might create an agricultural buying and selling large price about $34 billion, together with debt.
The deal would deliver the mixed firm nearer in scale to main rivals Archer-Daniels-Midland and Cargill.
The merger would additionally increase Bunge’s bodily grain storage and dealing with capability in main wheat exporter Australia.