UPDATE 1-Glencore sale of Viterra farm outlets to Agrium wins Canadian regulatory nod

Thu Sep 5, 2013 6:02pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Rod Nickel

Sept 5 (Reuters) - Canadian regulators have approved Glencore Xstrata PLC's sale of some Viterra farm retail stores to Canadian fertilizer company Agrium Inc in a deal that will make Agrium the dominant farm retailer in Canada.

Agrium, already the biggest U.S. retail seller of fertilizer, chemicals and seed, will get 210 stores across Western Canada from Glencore in the deal approved by Canada's Competition Bureau, Agrium said on Thursday.

Agrium Chief Executive Mike Wilson said he expects the company's "highly attractive" purchase to close within weeks. Terms will be released when the deal closes, he said.

In June, Agrium acquired 13 Viterra locations in Australia.

Swiss commodities trader Glencore bought Canada's biggest grain handler Viterra in 2012 and kept most of Viterra's grain storage and processing sites in Canada and Australia.

It struck side deals to sell some assets to Canadian companies Agrium and grain handler Richardson International Inc, softening any political concerns about the foreign takeover.

The Competition Bureau approved Glencore's deal with Richardson in December, leaving the two as roughly equal-sized players in the Canadian grain-handling industry.   Continued...