Brazil’s Administrative Council for Economic Defense (CADE), the country’s antitrust regulator, has approved the proposed $8.2 billion acquisition of Viterra Ltd. by Bunge Ltd. without restrictions (GM June 16, 2023), according to Bloomberg, citing Brazil’s Official Gazette and the agency’s website.
Canada’s Competition Bureau announced on April 23 that it has concluded that the proposed deal is likely to result in “substantial anti-competitive effects” and a “significant loss of rivalry” between Viterra and Bunge in agricultural markets in Canada (GM April 26, p. 1).
The Bureau’s concerns are outlined in a report submitted to the Minister of Transport. The report will inform Transport Canada’s public interest review of the proposed transaction as it relates to national transportation, which must be completed by June 2, 2024. The final decision regarding the proposed transaction will be made by the Governor in Council based on advice from the Minister of Transport.
The Bureau determined that the transaction is likely to harm competition in markets for grain purchasing in Western Canada, as well as for the sale of canola oil in Eastern Canada.