It's business as usual for Viterra's (TSX:VT) three grain terminals in B.C. as the company waits to be swallowed by Swiss commodities giant Glencore International plc (LSE:GLEN).
In a $6.1 billion deal made public last week, Glencore bid $16.25 per share to buy the Regina-based agriculture and grain-handling business.
Glencore has also struck a deal to sell the majority of Viterra's Canadian assets to Agrium (TSX:AGU) and Richardson International for $2.6 billion in cash.
Richardson has agreed to buy a 25% stake in Viterra's Vancouver Cascadia Terminal, located at the south foot of the Ironworkers Memorial Bridge.
A Glencore spokesman said it was too early to know for sure which company would end up controlling Viterra's other B.C. terminals, but added that at this point it would likely be Glencore.
"Nothing will change," said the source. "There won't be any assets closed."
Viterra's three B.C. terminals, located in Vancouver and Prince Rupert, employ 350 people who handle wheat, barley, canola, flax and other special crops. •
