Viterra details acquisition price for ABB Grain

by Eric Schroeder
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CALGARY, ALTA. — Viterra Inc. on Sept. 21 said it will pay ABB Grain Ltd. shareholders A$751,689,273 ($648,001,564) in cash, plus shares in Viterra, in return for the company.

Also as part of the agreement, Viterra said it will issue 9,634,338 new shares of Viterra to ABB shareholders, as well as 68,629,939 new shares in trust for shareholders who opt to receive Viterra securities that are registered in Australia and may be bought and sold on the Australian exchange.

Viterra Inc. announced on Sept. 9 that ABB Grain Ltd. shareholders voted in favor of its acquisition of all outstanding shares of ABB.

The transaction is expected to give the combined company access to the world’s largest export origination of wheat, canola and barley, with global logistic arbitrage opportunities and one of the strongest balance sheets in the industry.

In financials released Sept. 11, Viterra said its third-quarter earnings fell 28% to C$120.7 million ($110.9 million), equal to C$0.50 per share on the common stock, down from C$166.7 million, or C$0.71 per share, in the same quarter a year ago. Sales and other operating revenues during the quarter were C$2.2 million ($2 million), virtually unchanged from the same period a year ago.

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