The Competition Commission of India (CCI) approved the acquisition of 100 per cent share capital of the agriculture company Viterra by Bunge, the commission said in a statement.
After the move, Bunge will acquire all issued and outstanding shares of Viterra. The primary shareholders of Viterra, such as Glencore PLC, the Canada Pension Plan Investment Board (CPP Investments), and the British Columbia Investment Management Corporation (BCI), will receive the shares of Bunge.
However, these shareholders will hold a minority stake after the transaction.
Globally, Bunge is mainly active in the sale of oilseed meals and vegetable oils. The company also sells grains and milled products, as well as unprocessed oilseeds and other products like sugar. In India, Bunge had sales of refined vegetable oils (groundnut oil, mustard oil, palm oil, rapeseed oil, soybean oil, sunflower oil, sesame oil, oil blends, and other oils), crude vegetable oils (soybean oil, palm oil, palm kernel oil, sunflower oil), soybean meal, glycerine, margarine, lecithin, vanaspati, shortenings, yeast, and free fatty acids.
According to the information available on the company’s website, Viterra is a global agriculture network that connects producers and consumers to supply sustainable, traceable, and quality-controlled agricultural products to end users around the world. Our business, headquartered in Rotterdam, the Netherlands, covers the whole global supply chain, from the farm gate to the end user.
The company uses its diverse capabilities and experience to create innovative solutions that open up pathways and create value for our customers.
It adds that the company invests in developing its network to meet the needs of a growing world. The company is owned by its three shareholders, namely Glencore, CPP Investments, and British Columbia Investment Management Corporation (BCI).
The company is engaged in the sale and purchase of unprocessed commodity crops, and focuses on grains and oilseeds internationally.
Viterra also deals with raw products like cotton and sugar, along with processed products made from grains and oilseeds.
In India, the company sells grains like wheat, corn, sorghum, and rice, as well as raw vegetable oils such as soybean and sunflower oils.
Source: Economic Times