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Investor takes over grain handler CWB, renames it G3 Canada

Published 2015-07-31, 10:04 a/m
Investor takes over grain handler CWB, renames it G3 Canada

WINNIPEG, Manitoba, July 31 (Reuters) - G3 Global Grain
Group said on Friday it has closed its investment in Canadian
grain marketer CWB, becoming its majority investor, and has
renamed the company G3 Canada Ltd.
The move clears the way for G3 Global, a joint venture of
U.S.-based Bunge Ltd BG.N and Saudi Agricultural and Livestock
Investment Co, to build new grain-handling facilities at Port
Metro Vancouver on Canada's Pacific Coast and on the Canadian
Prairies. ID:nL1N0YO0VJ
G3 Canada combines the assets of CWB, including a few
country elevators, Eastern Canadian grain-handling facilities
and rail cars, with Bunge's Canadian grain assets.
G3 Global's C$250 million ($192.65 million) purchase of a
50.1 percent stake in CWB, announced in April, removes a name
that long dominated the world grain industry. CWB, or the
Canadian Wheat Board, for decades held government-sanctioned
marketing control of Western Canada's milling wheat and barley.
The Canadian government removed those marketing powers in
2012, and the company operated for several years as a small
grain company.
($1=$1.30 Canadian)

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