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EU APPROVES BUNGE'S ACQUISITION OF VITERRA, CANADA AND CHINA YET TO DO SO
Aug. 5, 2024
Source: Brock Report
As expected, the European Union has approved the merger between Bunge and Glencore-backed Viterra Inc. The European Commission said in a Thursday staement that its approval of the deal "is conditional upon full compliance with the commitments offered by the parties."
To address the Commission's concerns about concentration of oilseed processing capacity in Central Europe, the companies offered to divest Viterra's oilseed businesses in Hungary and Poland and a number of logistical assets linked to those operations.
However, finalization of the deal will be delayed as several countries, including China and Canada, must still give their okays.
Greg Heckman, CEO of St. Louis-based Bunge on Wednesday said the two companies had secured the bulk of approvals needed but are "continuing to constructively engage with relevant authorities in the remaining jurisdictions." Heckman said he saw no issues that would be material to the economics of the deal.
Winning Canada's approval appears to be the largest remaining hurdle for the deal.
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