Saudi firm, Bunge to buy majority stake in Canadian grain handler

TORONTO/RIYADH – Saudi Arabia’s state-owned agricultural investment firm and U.S. grain trader Bunge Ltd will buy a controlling stake in Canadian grain handler CWB in a bold move by the Gulf state to secure food supplies.

G3 Global Grain Group, a joint venture of Bunge and Saudi Agricultural and Livestock Investment Co (SALIC), said on Wednesday it will buy a 50.1 percent stake in CWB for C$250 million ($201 million).

The remaining stake will be held in trust for Canadian farmers with G3 having an option to buy them out after seven years. Farmers owned an equity stake in CWB, formerly known as the Canadian Wheat Board, until the government stripped it of its Western Canadian grain monopoly in 2012.

Saudi Arabia began scaling back its domestic wheat-growing program in 2008, planning to rely completely on imports by 2016 to save water. SALIC was formed in 2011 by late King Abdullah to secure food supplies for the kingdom, mainly through mass production projects and foreign investment…

h/t Marvin

  • Raymond Hietapakka

    They get our Wheat.
    What are we going to get?
    F***ing mosques all across North Ontario?
    I guess the shits are planning on putting minarets on top of the grain elevators…

  • David

    What could possibly go wrong?

  • It is their (islamic) intention to control the food chain ‘from farm to fork’ …

    [“From farms, the slaughtering, transport, the market to the table – everything has to comply with Sharia [Islamic law].”]

    [Halal is not just about certification. It involves the whole production chain from farm to fork to finance. Even with a big sell-off in markets, the investor still needs to consume. The SAMI index is a consumer non-cyclical sector,” said Rushdi.]

    # Western governments will pull the halal wool over our eyes and tell us that sharia law will never come to our countries – even as the food chain is hijacked under their noses.

  • Morticiaa

    Saw this on cpac and almost threw up
    That little psych agricultural minister should be
    Forced to take estrogen shots
    How outrageous and scary
    I am reconsidering my support for. Conservatives
    And yet anyone would be better than the low IQ Justin
    Trudeau, and just let him sue me for libel on this one
    He has no case….he is truly a retard
    But how could we allow 50 percent of wheat purchases
    To go to Islamic pigs while there are tens of millions
    Of decent human beings I starving countries
    Has Stephen turned into obamaha

  • J. C.

    Sell those f*ckers NOTHING!!!

    • Observer

      To late. They have already bought the best politicians money can buy in all three parties and probably more.

  • cmh

    it’s a done deal so we might as well quit whining and consider it time to pull our support for harper….. he has not fulfilled his original promises to abolish the senate or get tough on crime or curb immigration and the scourge of canadians of convenience, or revisit traditional marriage, etc. Harper is more liberal than conservative and has shown no expertise in the social agenda whatsoever. We didn’t elect him on a fiscal basis, we originally elected him to straighten out the social mess that the charter has steadily caused to rise since 1982. It really does not matter who wins the election because it is really the supreme court who runs the social order of this country through their interpretation of the charter which has governed us since 1982. Harper has steadfastly refused to over-ride the court in favor of the demands of the people.

    • k1962

      What is the alternative?

      • Minicapt

        Tommy the Muckliar or JustinT, because no matter how bad they may appear to be, Harper is always much, much worse.


        • k1962

          Yep, they are two alternative, but no, I just cannot ever vote for the Liberals or NDP and their gang. Not my peeps.

    • Morticiaa

      Totally aware statement about the Supreme Court having way too much influence in the legislation

  • Alain

    We would have been better off selling it to the Chinese if it had to be sold to foreigners. I cannot believe that no other foreign entity would have been interested.

  • dance…dancetotheradio

    What the fuck are you guys whining about?
    This is the deal of the century!
    It’s like selling someone the Brooklyn Bridge.
    Or the Louisiana Purchase.
    Here’s why.
    The CWB only had value because farmers were forced to sell their wheat to them.
    That monopoly is over.
    There is no loss of sovereignty in this deal.
    If no farmers sold their wheat to the CWB it would be worthless.
    So, the government gets a quarter of a billion dollars for a potentially worthless asset and the free market gets to do it’s magic.
    The Saudis are suckers.
    This deal doesn’t guarantee them anything.
    Also, with a US company being involved, the provisions of the Free Trade Agreement are triggered which prevents any attempts by future governments to reconstitute the CWB monopoly.
    This is a massive victory for conservatives everywhere.