According to a report by Reuters, citing a statement by Canada’s transport minister, the government is to review a proposed merger between US grains merchant Bunge and Glencore-backed Viterra.
The country’s transport ministry will initiate a public interest assessment of the planned merger, which needs to be completed by June 2nd 2024, the minister said.
“Both companies hold ownership interests in port terminals throughout our country. Healthy competition in the transportation sector is necessary to ensure fair pricing and access for users, especially for Canadian farmers,” Canada’s Minister of Transport Pablo Rodriguez was quoted as saying by the same media.
In June, Canada’s Competition Bureau had announced that it would review the merger, which would lead to the formation of an agricultural trading giant valued at nearly $34 billion, including debt.
As a result of the merger, the combined business entity would be brought closer in size to major competitors such as Cargill and Archer-Daniels-Midland.
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