Combination of Viterra and ABB Grain on Track
September 10, 2009
The combination between Viterra Inc. and ABB Grain Ltd. has passed another important milestone with successful votes at ABB shareholder meetings and approval for the Scheme of Arrangement in the Australian court.
The ABB shareholder meetings included the Scheme of Arrangement meeting, where ABB shareholders were asked to vote on the combination of ABB Grain and Viterra, and a Constitutional meeting, where shareholders were asked to remove ABB’s shareholder cap.
Federal Court approval now allows us to begin to integrate our two companies. ABB Grain is the industry leader in Australian agriculture and food processing. We believe the strength of our combined assets, knowledge, and skills will make Viterra a global leader in agriculture, capable of moving high-quality food ingredients from areas of abundance to areas of need.
As a global food ingredients supplier, our combined company will have access to the largest export origination capability for wheat, canola and barley since Canada and Australia account for 37% of world exports of these crops. Future demand for core commodities like these is expected to rise 20% over the next ten years, with much of that increase to come from Asia. The combination enhances Viterra’s access to these key growth markets, while also diversifying production risk.
Great opportunities lie ahead for the agricultural industry and its participants. Our combination with ABB Grain is an investment in a strong and vibrant future for agriculture in Australia and Canada. Both countries are looking forward to strong production of major grains this season, with Australia having the potential to harvest one of its best crops in years.
For additional information about this transaction, including related news releases, please visit
www.viterraaustralia.com or
www.abb.com.auSincerely,
Mayo Schmidt
President & CEO
Viterra Inc.
2009-10-21
