Reuters — Shares of U.S. commodities trader Bunge surged on Friday after the Wall Street Journal reported that Glencore had a standstill agreement that temporarily prevents the Swiss company from making a hostile bid for Bunge. Bunge had rebuffed a takeover approach by Glencore in May. Speculation has swirled for months that Glencore would make […] Read more
Bunge shares jump on report of Glencore standstill agreement
Viterra pledges land for grow project
Reading Time: < 1 minute Viterra is providing the Canadian Foodgrains Bank with 42 acres of land to farm at its terminals in Stettler and Balgonie, Sask. The Foodgrains Bank, a partnership of 15 churches and church agencies working to end global hunger, has found local farmers to farm the land. Once harvest is complete, the proceeds of the sale […] Read more
Glencore looking to expand agriculture business, CEO says
Cham, Switzerland | Reuters –– Miner and trader Glencore is looking to expand its agriculture business via its partnership with two Canadian funds, the company’s CEO said on Wednesday, but has no plans to move into any commodities it does not already trade. CEO Ivan Glasenberg was speaking a day after U.S. grains trader Bunge […] Read more
Glencore approaches Bunge on possible takeover
Reuters — Glencore Plc said on Tuesday its agricultural unit has made an informal approach to commodities trader Bunge Ltd. about a “possible consensual business combination,” the company said in a statement. The commodities trading firm did not say more about a potential offer that its Glencore Agriculture unit made to Bunge. Glencore, whose Canadian […] Read more
Viterra buys North Dakota elevator
Prairie grain handler Viterra is expanding its reach in eastern North Dakota with a deal for Gavilon Grain’s elevator at Grand Forks. Regina-based Viterra said Monday it has closed its acquisition of Omaha-based Gavilon’s Grand Forks site for an undisclosed sum, and plans “immediate capital upgrades” for the elevator. The Grand Forks site, which was […] Read more
U.S. agribusiness deal not a priority for Glencore
Lausanne | Reuters — Glencore does not see further consolidation in agricultural commodities as straightforward and views a U.S. acquisition as less crucial than in the past, the group’s agriculture chief said Tuesday. The diversified trading and mining group had pointed to the possibility of making bolt-on acquisitions after posting improved results for 2016 and […] Read more
Glencore ready for deals and dividends after profit boost
London | Reuters –– Commodities trader and miner Glencore reported an 18 per cent rise in full-year profit on Thursday, buoyed by a rebound in raw materials prices, and said it was well-placed financially for small acquisitions or a special dividend payout. Analysts said the results beat expectations, driving the share price nearly two per […] Read more
Viterra results offset Glencore’s improved year-end
Commodity giant Glencore’s efforts to ratchet down its debts paid off in fiscal 2016 — though “challenges” weighed on the ledger for its Viterra grain handling arm. Swiss-based Glencore on Thursday released preliminary results for 2016, booking net income attributable to equity holders of $1.379 billion on $152.948 billion in revenues, up from an $8.114 […] Read more
Viterra plans new eastern Alberta elevator
Glencore’s Prairie grain handling arm Viterra plans to stake a new claim in the northeastern Alberta market with a new high-throughput elevator at Vegreville. The company announced Monday it has picked up the necessary regulatory approvals and expects to start construction along Canadian National Railway (CN) track this spring. The elevator is expected to have […] Read more
Glencore sees renewables not cost competitive until mid-century
London | Reuters — Renewable energy will not be cost competitive with fossil fuels until 2050, Glencore said on Tuesday, much later than energy organizations forecast and supporting the mining and trading giant’s case for continued investment in coal. Glencore, whose non-mining holdings include Canadian grain handler Viterra, has said coal is still an investment […] Read more
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