Saskatchewan premier Scott Moe said he has few concerns over the takeover of Viterra Limited, one of the province’s largest employers, as it merges with US giant Bunge..Earlier this week the companies announced a $34-billion merger that would create one of North America’s — and indeed, the world’s — largest agricultural trading giants with operations in Canada and the US, Argentina and even Ukraine..Moe said he’s been in contact with both companies and the government would continue to press for increased jobs and investment in the province. Although the merger is expected to generate about $225 million in ‘synergies,’ at this point he’s not concerned for major cuts or job losses — in Saskatchewan, at least.. Scott MoeSaskatchewan Premier Scott Moe .“It does look like this is a growth move and not a cost cutting move,” he said in Calgary. “And that bodes well for those head office jobs that have been associated with Viterra based in Regina.”.He noted that Viterra is still proceeding with plans to build one of the largest canola crushing plants in the world just north of the capital city..“We want to ensure that investment comes to fruition,” he said. “I think all-in-all it’s a positive move.”.Viterra was formed as a grain handling business in 2007 with formative roots in Prairie cooperatives, including the iconic Saskatchewan Wheat Pool..From there it grew into a global agri-business powerhouse with operations in Canada, the US, Australia, New Zealand and China, diversifying into marketing and processing..In 2013 it was acquired by Swiss-based Glencore and headquartered in Rotterdam, Netherlands..The company is also one of the largest agri-product retailers, with more than 250 locations throughout the Prairies. It also owns a 34% interest in Canadian Fertilizer Limited, which operates a large urea and ammonia plant in the province..Last year Bunge was the largest corn and soybean exporter from Brazil, the world’s largest source of crops used in animal feed and biofuel, among others..The deal ran into headwinds in the US, where the Consumer Federation of America expressed concerns the deal would reduce buyers for the country’s farm crops and consolidate oilseeds processing — a growing market for plant-based processed foods as well as biofuel..“Further concentration seems likely to harm consumers and the businesses like plant-based food manufacturers that rely on these commodities,” said Thomas Gremillion, the federation’s director of food policy, as per Reuters.
Saskatchewan premier Scott Moe said he has few concerns over the takeover of Viterra Limited, one of the province’s largest employers, as it merges with US giant Bunge..Earlier this week the companies announced a $34-billion merger that would create one of North America’s — and indeed, the world’s — largest agricultural trading giants with operations in Canada and the US, Argentina and even Ukraine..Moe said he’s been in contact with both companies and the government would continue to press for increased jobs and investment in the province. Although the merger is expected to generate about $225 million in ‘synergies,’ at this point he’s not concerned for major cuts or job losses — in Saskatchewan, at least.. Scott MoeSaskatchewan Premier Scott Moe .“It does look like this is a growth move and not a cost cutting move,” he said in Calgary. “And that bodes well for those head office jobs that have been associated with Viterra based in Regina.”.He noted that Viterra is still proceeding with plans to build one of the largest canola crushing plants in the world just north of the capital city..“We want to ensure that investment comes to fruition,” he said. “I think all-in-all it’s a positive move.”.Viterra was formed as a grain handling business in 2007 with formative roots in Prairie cooperatives, including the iconic Saskatchewan Wheat Pool..From there it grew into a global agri-business powerhouse with operations in Canada, the US, Australia, New Zealand and China, diversifying into marketing and processing..In 2013 it was acquired by Swiss-based Glencore and headquartered in Rotterdam, Netherlands..The company is also one of the largest agri-product retailers, with more than 250 locations throughout the Prairies. It also owns a 34% interest in Canadian Fertilizer Limited, which operates a large urea and ammonia plant in the province..Last year Bunge was the largest corn and soybean exporter from Brazil, the world’s largest source of crops used in animal feed and biofuel, among others..The deal ran into headwinds in the US, where the Consumer Federation of America expressed concerns the deal would reduce buyers for the country’s farm crops and consolidate oilseeds processing — a growing market for plant-based processed foods as well as biofuel..“Further concentration seems likely to harm consumers and the businesses like plant-based food manufacturers that rely on these commodities,” said Thomas Gremillion, the federation’s director of food policy, as per Reuters.
