September 4, 2009
Many ABB Grain shareholders undecided on Viterra bid
A survey of ABB Grain Ltd. grower shareholders has found 36 percent are undecided on whether a proposed takeover by Canadian-based Viterra Inc. is in the best interest of South Australian farmers and 33 percent are still undecided how they will vote, according to a survey undertaken by Rural Press and posted Friday (September 4) on its Web site.
A meeting is scheduled for September 9 in Adelaide where ABB Grain shareholders will vote on the proposal. Under a scheme of arrangement, if Viterra's proposal is to succeed, it must be approved by a majority of shareholders who vote and at least 75 percent of the total number of votes cast by shareholders.
Non-grower shareholders will have a major impact on the vote, with only 46 percent of ABB shares now held by people from rural areas, the report said.
