December 4, 2010

Agrium completes takeover of Australia's AWB

Canadian agriculture giant Agrium has finalised its AUD1.24 billion (US$1.21 billion) takeover of Australia's former monopoly wheat exporter, AWB.

It completed its final share acquisition on November 30 to hand ownership of the country's largest agricultural retailer offshore.

But Agrium said Friday (Dec 3) it is still deciding how much of a hands-on approach it wants to take in the business.

"Agrium has not had direct participation in the grain handling and trading business to date. We continue to evaluate our options with respect to this business and we expect to provide clarity on this in the near future," it said.

Agrium chief executive Mike Wilson welcomed the finalisation of the takeover, saying it represented an opportunity to boost products and services to Australian and New Zealand customers.

Shares in AWB traded for the last time on November 19.