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Canada: Saudi firm buy Canadian grain handler for $250 million

By  |  April 15, 2015

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

Bunge and Saudi Agricultural and Livestock Investment said on Wednesday it will buy a 50.1 percent stake in CWB for $250 million. The remaining stake will be held in trust for Canadian farmers.

“Canada is a major wheat grower and exporter, and Saudi Arabia relies on imports to meet its growing demand for food,” SALIC Chairman Abdullah Al-Rubaian said in a statement.

 

Full Content: Reuters

 

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