Two sources close to the matter said that global commodities giant Glencore and its partners are looking at options to expand their agricultural joint venture Viterra, including specific acquisitions in the Americas and Australia.
The company, formerly known as Glencore Agriculture, made headlines in 2017 for a failed takeover attempt in Bunge Ltd, one of the largest grain companies. Then it was worth $11 billion.
Four years later, the owners haven’t made any big deals and are still exploring ways to show value at a time when grain prices remain high. They are more likely to buy small or private businesses, mainly expanding in the United States, but also in South America And Australia, where Viterra already owns assets, according to sources.
Glencore owns 50% of Viterra and sold the other half to Canadian pension funds CPP Investments and British Columbia Investment Management Corporation (BCI) in 2016, for a total of $3.125 million.
Glencore, Vitra And CPP Investments He declined to comment. BCI could not immediately be reached for comment.
With Ebitda (EBITDA) of $991 million in the first half of 2021, the company has 180 storage and handling facilities, 30 processing and refining plants and 25 port terminals, used to handle millions of tons of grains, oilseeds and legumes. rice, sugar and cotton around the world.
The company’s last agreement was in 2020, when it bought the stake it did not yet hold in an Argentine soybean cracker. renewal for your bankrupt partner.