Premier will review any bids for Viterra
While Viterra opens up a process for potential bidders to look at their financial data, the Saskatchewan premier says the province will review any official bids for the Regina-based grain handler.
The latest reports show Glencore PLC, Agrium and Richardson have all taken an interest in bidding for the company. The highest bid was reported as $5 billion from Swiss-based Glencore.
Premier Brad Wall did not expect to find himself in a similar situation after the potash situation with BHP Billiton, but with increasing reports of bids for Regina-based grain handler Viterra, he will have to think again about what this could mean for the province.
“Here we are now with the potential of another takeover, it’s still a potential, there is no actual bid that has come forward,” he stressed.
“If there is to be a bid, we will be very careful and deliberate and analyze it as we did the BHP proposal.”
Wall said the government will take the same steps they used in the BHP situation, keeping the best interests of Saskatchewan as a top priority.
They will look at factors like where the head office would be as well as competition for other companies who buy grain from farmers.
Wall went on to point out how well the past decision to block BHP turned out, noting the fact they couldn’t buy PotashCorp, the Australian mining giant is still going forward on major projects in the province.
“So those who say well when the province of Saskatchewan blocked BHP, that would be the end of foreign investment – we have seen that is not the case,” Wall said.
He added that the government welcomes BHP and others to continue investing in the province.
Edited by News Talk Radio’s Adriana Christianson