Glencore completes acquisition of Viterra
Glencore International plc and Viterra Inc. announced that Glencore has completed the acquisition of Viterra.
The acquisition brings Glencore immediate critical mass in the key grain markets of North America through Viterra's substantial Canadian operations. Viterra also materially expands Glencore's existing operations in Australia. The acquisition reinforces Glencore's position as one of the world's leading commodity suppliers.
Fran Malecha, formerly chief operating officer of Viterra, has been appointed director, agricultural products, North America, with responsibility for all North American operations. He will be based in Regina, Saskatchewan which becomes headquarters for Glencore's North American Agricultural Products business. David Mattiske has been appointed country manager, Agricultural Products, Australia and New Zealand, with responsibility for all agricultural operations in Australia and New Zealand.
Chris Mahoney, director of agricultural products of Glencore, said, "By combining Viterra's first class assets, grain logistics and processing insight with our global marketing capability, we have the opportunity to become a true leader across the sector with even greater means to meet the needs of farmers and customers globally.
"Glencore has acquired more than physical assets; we have gained the world class skills and experience of Viterra employees and we are already working well together to implement a smooth integration. Furthermore, I am delighted to welcome Fran and David to their new positions and I have every confidence that the businesses in North America and Australia will thrive under their leadership."
Fran Malecha, said, "Today marks the beginning of an exciting new chapter for the company. I am excited to be staying on to lead Glencore's North American agricultural business, and look forward to strengthening our relationships with farmers and creating opportunities for all participants in the industry."
David Mattiske, said, "Glencore values Viterra's Australian and New Zealand people and assets as a critical part of its global portfolio. This transaction reflects Glencore's strong belief in the importance and potential of the Australian and New Zealand grain industries. The combined business will provide additional opportunities for growers and industry participants."
Glencore anticipates all integration projects, including the divestment of certain assets to Agrium Inc. and Richardson International Limited, will be completed by the end of 2013. Until the time of divestiture, Glencore will continue to support these assets.
- US soy exports to China could drop with crush-margins at 2-yr low
- Corn to see record production for 2014-15
- Maximizing buyer power in volatile markets
- Insight into drought tolerance of TAM wheat varieties
- Ag markets turned mostly lower Tuesday morning
- GMO safety, weed control top concerns as U.S. study kicks off
- U.S. GMO labeling foes triple spending in first half of this year
- Activists fighting Golden Rice even more in 2014
- Source shows half of GMO research is independent
- White House issues veto threat on bill to block WOTUS rule
- Stoller soybean research produces 214 bushels per acre
- Ag markets turned generally mixed Monday morning