Chicago | Reuters — Global agribusiness Bunge Global has received regulatory approval from China for its acquisition of grain handler Viterra and expects to close the $34 billion deal “on or around July 2,” the company said in a statement on Friday.
The deal, first announced in 2023, will create a global crop trading and processing giant closer in scale to chief rivals Archer-Daniels-Midland and Cargill.
Why it matters: The proposed merger has been controversial with Canadian farmers whose concerns include loss of competition due to market consolidation.
Approval from China was the final regulatory approval Bunge needed to finalize the deal after gaining approvals from regulators in Canada, the European Union and other markets.
“Achieving this regulatory milestone is a significant step forward and clears the way for closing of the transaction. This approval underscores the strategic rationale behind bringing Bunge and Viterra together to create a premier global agribusiness company,” CEO Greg Heckman said in an emailed statement.
Bunge shares were up 6.1 per cent at midday on Friday.
