Two major agribusinesses have entered into a sales agreement for 11 grain facilities ahead of an anticipated Department of Justice divestiture order.
Viserion Grain LLC will buy the facilities from Zen-Noh Grain Corporation, a subsidiary of the National Federation of Agricultural Cooperative Associations of Japan. Last year, ZGC announced a plan to acquire 35 Mississippi River facilities from Bunge North America.
In a release, ZGC notes both transactions – the Bunge facility purchases and Viserion divestitures – are subject to DOJ clearance; the Viserion deal is contingent upon the closing of the Bunge acquisition. The companies expect both transactions to close late this spring.
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The initial agreement between ZGC and Bunge included 35 operating assets. To help secure regulatory approval, Bunge assets in Shawneetown, Ill.; McGregor Iowa; Helena, Huffman, and Osceola (riverside and landside), Ark.; and Lettsworth and Lake Providence, La., are slated to be sold to Viserion. The deal also includes another three facilities from ZGC’s affiliate, Consolidated Grain and Barge Co. (CGB): assets in Caruthersville and Cottonwood Point, Mo., and Savanna, Ill.
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