Glencore Viterra Completes Acquisition and Rebranding

Glencore Viterra has successfully completed its acquisition of Viterra, a leading Canadian grain handler. This acquisition has further solidified Glencore's position in the global grain market.

The acquisition was completed in 2017, with Glencore purchasing Viterra's assets for $6.1 billion. This move marked a significant expansion of Glencore's grain handling capabilities.

As a result of the acquisition, Glencore Viterra has become one of the largest grain handlers in Canada.

Glencore Agriculture has officially rebranded to Viterra, a historic day for the business as they adopt the new name and brand globally.

Viterra operates in 37 countries with a fully integrated agriculture network connecting producers and consumers to supply sustainable, traceable and quality-controlled agricultural products.

The name Viterra, which means vitality from the earth, unites the business under one brand with a shared purpose, further strengthening their identity and positioning them for future growth.

With over 16,000 talented employees operating in 37 countries, Viterra's strategic network of storage, processing and transport assets enable them to offer innovative solutions and open pathways for customers.

Viterra owns and operates 48 up-country sites, including six ports in South Australia, and two up-country sites in Victoria.

The company's three strong shareholders, Glencore, CPP Investments and British Columbia Investment Management Corporation, share a vision for future growth and success.

Glencore Agriculture has a longer history, investing in the business for over 40 years to create one of the world's leading agriculture networks.

The rebranding is a smooth transition, with business as usual for employees and customers over the coming months.

The Viterra brand dates back to 2007, when Regina-based grain firm Saskatchewan Wheat Pool merged with its Winnipeg rival Agricore United under the new name.

Bunge is near a deal to acquire Glencore's Viterra, creating a giant that can compete with the world's biggest agricultural players.

This deal has been in the works for years, with Glencore first approaching Bunge about a friendly takeover in 2017, but being publicly rebuffed.

The merger will offer a way for Glencore CEO Gary Nagle to unlock value from the company's 49.99% stake in Viterra, which has limited synergies with its wider metals, mining, and trading operations.

Glencore has a 50% stake in Viterra, which it will surrender in the deal, and will receive USD3.1 billion worth of Bunge shares and USD1.0 billion in cash.

Bunge shareholders will hold a significant majority in the deal, with roughly 70% of the payment made in Bunge stock.

The combined group will be a premier pure-play agribusiness solutions company, well placed to meet increased global demand as well as the ongoing challenge of providing sustainable, traceable food and feed products to customers around the world.

Viterra shareholders will own 30% of the enlarged firm, though this will rise to 33% once Bunge concludes a USD2.0 billion buyback of its own shares.

The deal has the support of two of Canada's biggest pension funds, which have a combined stake of 49.98% stake in Viterra.