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Viterra Inc.: Viterra Confirms ABB Ports Access Approval by Australian Commission

^{Published on 2009-09-29 09:57:00 - Market Wire}
 

CALGARY, ALBERTA--(Marketwire - Sept. 29, 2009) - Viterra Inc. (TSX:VT) (ASX:VTA) ("Viterra") is pleased to confirm that ABB Grain, a subsidiary of Viterra, has received approval of its port access undertaking by the Australian Competition & Consumer Commission ("ACCC").

Under relevant Australian law, parties must hold accreditation in order to export wheat in bulk from Australia. To maintain their accreditation, exporters like ABB that control port facilities, must also have in place from October 1, 2009, an ACCC-approved access undertaking that covers the services they provide at port terminal facilities. The accreditation covers wheat exports only and was established as a result of the de-regulation of the Australian wheat market in 2008.

The ACCC approved the undertaking September 29, 2009, in Australia, positioning ABB to renew its wheat export licence through Wheat Exports Australia.

Viterra's President and CEO Mayo Schmidt said: "We are pleased to have completed this very important process in Australia. The principles of transparency, access and accountability are the pillars upon which Viterra's operating model has been built. They provide a foundation that encourages competition and supports economic prosperity for all industry participants. We look forward to participating in the wheat export program in Australia. It is an essential part of Viterra's overall strategy to bring food ingredients from areas of surplus to world locations where populations and food requirements are rising steadily."

The undertaking process is aimed at ensuring open access to grain handling and export infrastructure. ABB Grain issued a news release earlier today, which is appended to this release.

The ports access undertaking approved by the ACCC has been provided by ABB Grain's subsidiary company AusBulk Limited, as port terminal operator.

Forward-Looking Information

This release contains forward looking statements that involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such statements. Important factors that could affect these statements include, without limitation, weather conditions; producer's decisions regarding total planted acreage, crop selection, and utilization levels of farm inputs such as fertilizers and pesticides; grain export levels; changes in government policy and transportation deregulation; world agricultural commodity prices and markets; currency risk; changes in competitive forces including pricing pressures; and global political and economic conditions, including grain subsidy actions of the United States and European Union.

About Viterra

Viterra Inc. is a global food ingredients agribusiness headquartered in Canada. The Company has extensive operations and distribution capabilities across Western Canada, as well as in Australia and New Zealand, with Adelaide, Australia being Viterra's base for its Southeast Asian operations. Viterra also has offices and operations in the United States, Japan, Singapore, China, Switzerland, and a joint venture in Ukraine. The Company is diversified into sales and services of crop inputs and equipment, grain handling and marketing, livestock feed, food and malt processing and financial products. These operations are complemented by value-added businesses and strategic alliances, which allow Viterra to leverage its pivotal position between growers and destination customers. The Company's common shares are listed on the TSX under the symbol VT. In Australia, Viterra's Chess Depositary Interests (CDIs) are traded on the Australian Securities Exchange (ASX) under the symbol VTA.


ABB Grain receives ports access approval from ACCC

ABB Grain(i) (a subsidiary of Viterra Inc) has today received Australian Competition & Consumer Commission approval for its ports access undertaking, which was necessary in order to renew its wheat export marketing licence under the Wheat Export Marketing Act.

Viterra's Chief Operating Officer Mr Fran Malecha said: "We are pleased that the ACCC has provided a positive response to our undertaking.

"We believe this should provide both growers and marketers with full confidence that ABB Grain is operating our ports with the intent of maximising throughput for the benefit of all parties.

"ABB Grain remains confident it will now achieve renewal of its wheat export licence from Wheat Exports Australia to continue its wheat export program in the coming months.

"We have a large harvest ahead of us and we look forward to working with all supply chain participants to handle the anticipated crop."

(i)The ports access undertaking approved by the ACCC has been provided by ABB Grain's subsidiary company AusBulk Limited, as port terminal operator


ABB Grain Ltd., a subsidiary of Viterra Inc. (TSX:VT) (ASX:VTA) is a leading Australian agribusiness with a multi-faceted operation and international focus. ABB's diversified operations stretch across the entire supply chain. The company's core business divisions include national supply chain, grain marketing, malt and rural services. ABB employs 1100 staff across its divisions throughout Australia and its international operations.


Issued for ABB by Kenn Pearce, Media Manager, (08) 8304 5105, mobile 0419 232 230, fax. (08) 8231 1249, Email: [ kenn.pearce@abb.com.au ].