June 13, 2023
Victoria, CANADA – British Columbia Investment Management Corporation (BCI) announced today it has signed a definitive agreement in support of the proposed merger between Viterra Limited (Viterra) and Bunge Limited (NYSE:BG) (Bunge), an agriculture, commodities, and food company.
BCI owns 10 per cent of Viterra and will exchange its ownership for a minority stake in the combined entity and cash upon the close of the transaction. Canada Pension Plan Investment Board and Glencore PLC will also become shareholders of Bunge.
Viterra is a leading, global agriculture network, which connects producers to consumers with sustainable, traceable, and quality-controlled agricultural products. Bunge is a leader in oilseed processing and a significant global producer and supplier of plant-based oils and fats. The agribusinesses have highly complementary capabilities and footprints, and together will be able to better serve customers from a stronger global network and increased diversification across geographies, seasonal cycles, and crops.
The transaction is expected to close in mid-2024, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals and approval by Bunge shareholders.
“In the context of climate change and the need for greater food security, we believe the proposed combination of Viterra and Bunge creates a compelling agricultural and food platform – allowing for enhanced investment in global supply chain resiliency and sustainable food production practices,” said Lincoln Webb, executive vice president & global head, infrastructure & renewable resources at BCI. “As a long-term responsible institutional investor, we look forward to the leading role the new company will take in the future of agriculture.”
About British Columbia Investment Management Corporation (BCI)
BCI is among the largest institutional investors in Canada with C$211.1 billion under management as at March 31, 2022. Based in Victoria, British Columbia, with offices in Vancouver, London, and New York City, BCI invests in: fixed income and private debt; public and private equity; infrastructure & renewable resources; as well as real estate equity and real estate debt. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk and return requirements over time.
BCI’s infrastructure & renewable resources program, valued at C$20.2 billion, invests in tangible long-life assets that include a portfolio of direct investments in companies across a variety of sectors spanning regulated utilities, energy, telecommunications, transportation, timberlands, and agriculture. The program is diversified across North America, Asia, Australia, Europe, and South America.
For more information
Director, External Stakeholder Engagement, BCI