Viterra in discussions with potential buyer

March 19, 2012 - 9:07am Updated: March 19, 2012 - 11:46am
Regina Viterra Building. Karen Brownlee/News Talk Radio
Regina Viterra Building. Karen Brownlee/News Talk Radio

Viterra has confirmed it is in exclusive negiotiations with a potential buyer today.

Swiss-based Glencore PLC and US agribusiness company Cargill were among the potential bidders reported by various news sources last week. This morning Bloomberg is reporting Glencore has teamed up with two Canadian agriculture companies Agrium Inc and Richardson International Inc. to make a bid for Viterra. The story references sources close to the company who say a deal may be announced within 24 hours.

Trading shares for Viterra remain closed today while the company considers potential takeover bids. Last week shares closed on Friday when the Regina-based grain handler reported third party bidders were interested in the company sparking a lot of speculation and debate in political arenas.

Premier Brad Wall said the government would take an active interest in any potential takeover and review whether or not a takeover would provide a net benefit to Saskatchewan.

Edited by News Talk Radio’s Adriana Christianson