Blog: Viterra confirms takeover talks
Michelle Russell | 19 March 2012
Canadian agribusiness group Viterra said it has begun "exclusive negotiations" on a potential takeover bid.
Viterra has not named who it is in talks with, but reports have suggested that Switzerland-based commodity supplier Glencore is launching a joint bid along with Canadian grain handler Richardson International and farm retailer Agrium.
Last week the company said it had received "expressions of interest" from third parties to acquire it, but that bidders would have to offer at least C$16 per share, valuing Viterra at around C$6.03bn (US$6.08bn).
In an updated statement today, Viterra said the company is considering "a price which is consistent with our previous statement", but warned it could make no assurance of a deal or what price may be offered.
"A further announcement will be made if appropriate", the company said.
Trading of Viterra's shares on the Toronto Stock Exchange was halted pending the company's statement. The company's shares were trading at C$16 at 12:19 EDT today.
Glencore declined to comment on the reports when contacted by just-food.
To follow on from our earlier notice and after some hard work from our technical team, just-food is back live after today's power outage....
Much of the UK has felt the impact of Storm Doris today - and just-food's head office has been no exception....
A year after union officials alleged Fyffes abused workers on plantations in Central America - and called on the produce giant to be kicked out of the Ethical Trading Initiative forum - the company is...
Much of the chatter about where 3G Capital could look next has centred on packaged food - but might the private-equity fund be about to extend its foodservice empire?...
- CAGNY analysis: Danone's growth strategy
- US food next wave on display at Winter Fancy Food
- How General Mills plans to grow - CAGNY
- Comment: Meal kits in US - don't believe the hype
- Interview: A2 Milk Co. chair firm's rapid rise
- Unilever launches operational review
- Nestle launches global sugar target
- Bonduelle to buy US produce group Ready Pac Foods
- Unilever 'giving serious thought to split'
- ABF sees further grocery revival