Business experts don't expect Bunge, Viterra deal to have much impact on jobs in Sask.
CBC
Business experts don't anticipate the multi-million dollar acquisition of Viterra, with its Canadian headquarters in Saskatchewan's capital city, to heavily impact jobs in the province.
"It's very hard to see any loss of jobs in an industry which is actually a critical industry," said George Tannous, a finance professor with the Edwards School of Business at the University of Saskatchewan.
The deal was jointly announced Tuesday by Missouri-based Bunge and Viterra, which is owned by Swiss commodities giant Glencore, as well as the Canada Pension Plan Investment Board and B.C. Investment Management Corp.
Under the terms of the agreement, Viterra shareholders would receive about US$6.2 billion worth of Bunge stock and another approximately US$2 billion in cash. Bunge will also take on US$9.8 billion of Viterra debt.
Viterra, which has roots in the iconic Saskatchewan Wheat Pool, is a grain-handling business that has more than 80 facilities across the country and exports into more than 70 countries. Its Canadian headquarters is in Regina, Sask.
Bunge is the world's largest oilseeds processing company, operating 300 facilities in more than 40 countries worldwide.
Despite the acquisition, experts like Tannous and union representatives like Steve Torgerson, general secretary of the Grain and General Services Union, are not very concerned about job losses.
"I don't see that being a large issue here, because the two partners are more complimentary, they don't have as much overlap in their functions," Torgerson said on Tuesday.
"It is a concern, but it's probably not expected to the high volumes that some mergers would bring."
The union represents about 600 Saskatchewan Viterra employees.
Torgerson said the company does have strong job loss protections in place for people who are laid off.
A Viterra spokesperson did not respond to questions about whether the deal was expected to lead to layoffs in the province or if it would lead to the headquarters being moved out of Regina.
Tannous said that with more interest in plant-based foods and general industry growth, he doesn't expect the agricultural need to slow enough for job losses.
Min Maung, also a finance professor at the University of Saskatchewan, agreed.
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