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CCB Approves SWP's Bid for Agricore
SASKATOON - Mar 28/07 - SNS -- The Canadian Competition Bureau (CCB) has okayed the Saskatchewan Wheat Pool (SWP) takeover bid for Agricore United, with some conditions.
Under a consent agreement with the CCB, the SWP and Cargill Limited have agreed to transfer some assets. This includes the sale of nine primary elevators to Cargill and the SWP's purchase of Cargill's 50% interest in the Cascadia Terminal in Vancouver.
Cargill will, in turn, acquire 100% of the SWP's Vancouver port terminal on the north shore. In consideration for the transaction, Cargill has agreed to pay SWP CDN $70 million, plus amounts related to inventory held in the country grain handling facilities and other closing adjustments. The Pool will also be required to unwind its operating joint venture at the port with James Richardson International.
These transactions are subject to the SWP's offers to acquire Agricore being successful.
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