Viterra Transfers Assets

TORONTO - May 1/13 - SNS -- Viterra Inc. completed the transfer of assets to Richardson International Limited and Agrium Inc. The asset transfers were agreed to by Glencore International plc in order to gain government approval for its purchase of Viterra.

Under the agreement, Richardson acquired 19 country elevators and 13 crop input centers co-located with those elevators.

Elevators located in Alberta include: Lavoy, High Level, Vulcan, Provost. Faiclities in Saskatchewan include: Assiniboia, Carrot River, Davidson, Kindersley, Alameda, Melville, Langenburg, Maple Creek, Regina East / White City, Unity. Manitoba facilities include River South and South Lakes; while faciluties in British Columbia include: Dawson Creek and Fort St. John.

Richardson has also acquired Viterra’s milling business. This includes oat processing plants in Portage la Prairie, Manitoba, Martensville, Saskatchewan and Barrhead, Alberta, as well as an oat processing plant in South Sioux City, Nebraska and a wheat mill in Dawn, Texas. These businesses will now operate as Richardson Milling.

In addition, Viterra has also completed the sale of its minority interest in a nitrogen facility located in Medicine Hat, Alberta to CF Industries Holdings, Inc., the purchaser nominated by Agrium Inc. (Agrium).

The sale reduced by C$995 million the outstanding loan provided by Agrium in accordance with the provisions of the support and purchase agreement (the Agrium Agreement) between, among others, Viterra and Agrium.

Richardson paid Viterra approximately C$96 million on closing of the asset transfer to Richardson on account of the purchase price adjustment in accordance with the provisions of the Richardson Agreement.

Viterra will pay Agrium approximately C$75 million as a partial purchase price adjustment and the material purchase price adjustments under the Agrium Agreement have not been determined at this time.