News last update:6 Aug 2012

Viterra eyes Asia as investors back ABB deal

Viterra chief executive Mayo Schmidt set his sights on Asia after the Canadian agribusiness giant overcame farmer opposition to win support for its Aus$1.6bn (US$1.4bn) bid for Australia's ABB Grain, AgriMoney.com reports.

Viterra highlighted that the deal would open up Asian markets, including those on the Indian sub-continent, "which are becoming increasingly importance, given their current trend of growing demand".
Schmidt told reporters: "As far as markets where ABB may not have had access, where Viterra may not have had access, we're going to be very inquisitive and we're interested in developing a strategy for those markets."
The company, which stressed its strong balance sheet, may stretch this interest to acquisitions, once ABB is bedded in.

Dick Ziggers

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