The Government of Canada is dedicated to fostering healthy competition, growth and productivity in the transportation and agricultural sectors.
Today, the Honourable Anita Anand, Minister of Transport and Internal Trade, announced the Government of Canada has approved the acquisition of Viterra Limited by global agri-business Bunge Global SA. The decision, firmly rooted in Canada's public interest, comes with extensive terms and conditions to protect competition, encourage investment in Canada and secure economic benefits for Canadians.
The terms and conditions help ensure that the acquisition will not have a negative impact on competition in Canada's grain and oilseed sector, notably for grain purchasing in Western Canada and the sale of canola oil in Central and Atlantic Canada. Farmers will have a wide range of competitive options when they sell their canola and other crops, as well as continue to receive fair prices for their produce.
Specifically, the terms and conditions include:
- Bunge's divestiture of six grain elevators in Western Canada to maintain competitive options for farmers in the region;
- Strict and legally binding controls on Bunge's minority ownership stake in G3, another important grain company, to ensure Bunge cannot influence G3's pricing or investment decisions;
- A price protection program for certain purchasers of canola oil in Central and Atlantic Canada to safeguard fair pricing and market stability;
- Retaining Viterra's head office in Regina for at least five years to protect Canadian jobs;
- A binding commitment from Bunge to invest at least $520 million in Canada within the next five years, which will foster economic growth, productivity and job creation; and
- Over 20 other conditions intended to enhance the public interest benefits of the acquisition. A full list of the terms and conditions is available on the Orders in Council online database.
These comprehensive measures address the concerns raised during the public interest assessment of the acquisition under the Canada Transportation Act.
