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Glencore International Plc (GLEN) will keep expanding in agriculture and sees room to grow in Brazil and the U.S. after completing the acquisition of Viterra Inc. (VT)
Glencore agreed to buy Regina, Saskatchewan-based Viterra in March to add grain assets in Canada and Australia as growth in Asia boosts demand. The company may expand through building its own assets, as well as acquisitions, Chris Mahoney, director for Agricultural Products, said today on a conference call.
“Do we stop there? I think no,” Mahoney said, referring to Viterra. “We don’t have anything in the U.S. Viterra has a bit but not too much. There’s perhaps more that can be done in Brazil. There is room for growth.” The company is waiting for China’s approval to complete the Viterra acquisition, he said.
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