Agricore United, Louis Dreyfus Elevator Swap
WINNIPEG - May 1/02 - SNS -- Agricore United and Louis Dreyfus will transfer ownership of three primary elevator facilities in western Canada this summer. Financial terms of the deal, expected to close by July 31, were not announced.
Winnipeg-based Agricore United (UGG:TSE) and Calgary-based Louis Dreyfus Canada Ltd. announced today that Agricore United will be taking over Louis Dreyfus' Regina elevator in exchange for Agricore United's grain elevators in Rycroft and Falher.
The sale of the Falher and Rycroft elevators in the Peace River region of Alberta fulfills one of the requirements the Competition Bureau set out with respect to the combination of the businesses of Agricore Cooperative Ltd. and UGG on November 1, 2001. In addition to meeting Competition Bureau requirements, the elevator trade advances strategic goals for both companies.
Agricore United was seeking to strengthen its presence in Saskatchewan, while Louis Dreyfus says it wants to expand market share in the Peace River region.
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