Calgary, Alberta, Canada
July 30, 2009
Viterra Inc. (TSX: VT) is pleased to provide an update on
the progress of its proposed combination with
ABB Grain Ltd. (ABB) through
a scheme of arrangement (Scheme). On May 19, 2009, ABB and
Viterra announced the signing of an Implementation Agreement
under which Viterra proposes to acquire all the issued and
outstanding shares of ABB.
The Scheme booklet, which sets out information to assist ABB
shareholders in their voting decision regarding the proposed
transaction with Viterra, has been registered by the Australian
Securities and Investments Commission
(ASIC) and filed with the Australian Securities Exchange (ASX).
The Federal Court of Australia approved the convening of an ABB
shareholder meeting on September 9, 2009 to consider the Scheme.
Should the Scheme be approved by ABB’s shareholders, another
meeting of ABB’s shareholders will be held later that day to
consider a constitutional amendment to remove a 15% ownership
cap that currently limits the number of shares an individual
shareholder of ABB Grain can own. This amendment will facilitate
the proposed transaction with Viterra.
The Boards of both companies maintain their strong and unanimous
support of the transaction. ABB Directors have confirmed that
they intend to vote all of their shares in favour of the
combination, in the absence of a superior proposal.
Full details of the proposed transaction, including the
indicative timetable, are included in the Scheme booklet which
will also be posted to Viterra’s website
www.viterraaustralia.com and filed on SEDAR at
Viterra Inc. is Canada's leading agribusiness, with extensive
operations and distribution capabilities across Western Canada,
and with operations in the United States, Japan, Singapore and
Geneva. The Company is diversified into sales and services of
crop inputs and equipment, grain handling and marketing,
livestock feed, agri-food processing and financial products.
These operations are complemented by value-added businesses and
strategic alliances, which allow Viterra to leverage its pivotal
position between Prairie farmers and destination customers. The
Company's common shares are listed on the TSX under the symbol
ABB Grain Ltd. is a leading Australian agribusiness with a
multi-faceted operation and international focus. ABB’s
diversified operations stretch across the entire supply chain.
The company’s core business divisions include national supply
chain, grain marketing, malt and rural services. ABB employs
1100 staff across its divisions throughout Australia and its