Viterra (TSE:VT) (ASX:VTA) Sells Its ABA Interest to Sumitomo (TYO:8053)
Sydney, April 13, 2010 AEST (ABN Newswire) - Canada-based Viterra Inc. (TSE:VT) (ASX:VTA) has confirmed that it is selling its 50 per cent interest in the Australian Bulk Alliance (ABA) joint venture, a grain handling and supply chain services provider, to Japan's Sumitomo Corp (TYO:8053)for A$8.6 million.
Viterra says Summit Grain Investment, a wholly owned subsidiary of Sumitomo, expects to exercise its right under the shareholder's agreement to acquire all of the shares of ABA owned by Viterra. ABA will become a wholly owned subsidiary of Sumitomo.
The purchase was triggered as a result of the change in control of Viterra's Australian operations, arising from Viterra's acquisition of ABB Grain in September last year. ABA's storage network consists of eight country sites in Victoria and New South Wales as well as the ABA grain terminal at the Port of Melbourne.