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The Canadian government will review a planned merger between U.S. grains merchant Bunge BG-N and Glencore-backed Viterra, the transport minister said in a statement on Tuesday.

As part of the review, the transport ministry will launch a public interest assessment of the proposed acquisition, which must be completed by June 2, 2024, Canada's Minister of Transport Pablo Rodriguez said in a statement.

“Both companies hold ownership interests in port terminals throughout our country. Healthy competition in the transportation sector is necessary to ensure fair pricing and access for users, especially for Canadian farmers," Rodriguez said.

Canada’s Competition Bureau had said in June it would review the merger, which would create an agricultural trading giant worth about $34 billion, including debt.

The deal would bring the combined company closer in scale to leading rivals Archer-Daniels-Midland and Cargill.

The merger would also expand Bunge’s physical grain storage and handling capacity in major wheat exporter Australia.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 29/02/24 1:42pm EST.

SymbolName% changeLast
BG-N
Bunge Ltd
-0.7%93.08

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