Shareholders in farmer-owned Lethbridge Inland Terminal have given their blessing to a proposed takeover by Canada’s biggest grain handler.
Without releasing details of the vote, Viterra announced Monday that LIT’s ownership group of about 150 southern Alberta farmers had “overwhelmingly” approved the company’s offer to buy LIT’s elevator assets for an undisclosed sum.
LIT’s inland grain terminal, listed by the Canadian Grain Commission at 41,190 tonnes of handling capacity, is one of the 10 biggest primary elevators in the province and would become Viterra’s largest Alberta elevator.
Viterra’s proposed deal, announced late last month, still requires the approval of federal regulators, among other closing conditions. — AGCanada.com Network
Viterra to buy Lethbridge Inland Terminal, Dec. 30, 2013