Agricore United Announces Competition Act Filing in Respect of Terminal Sale.WINNIPEG, Manitoba -- Agricore United Agricore United was a farmer-directed agri-business in Canada. It supplied crop nutrition and crop protection products, and offered grain handling and marketing services. It was created on November 1, 2001 by the merger of Agricore and United Grain Growers. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AU.LV) On May 6, 2005, Agricore United announced that it had signed an agreement for the sale of the former United Grain Growers United Grain Growers, or UGG, was a Canadian grain distributor. Founded in 1906 in Winnipeg, UGG was active in grain sales, crop inputs and livestock production services. Limited terminal elevator Terminal Elevator An agricultural elevator that is considered to be the largest accumulator of the actual. Notes: Generally, terminal elevators are located at points where the movement of agricultural products to processing plants is convenient. in Vancouver, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography to Terminal One Vancouver Ltd. ("Terminal One"). The sale was entered into pursuant to a consent agreement between Agricore United and the Commissioner of Competition (the "Commissioner") dated October 17, 2002, in connection with the merger of United Grain Growers Limited and Agricore Cooperative Ltd. to form Agricore United. The consent agreement requires Agricore United to offer to divest the terminal elevator. On July 29, 2005, Agricore United reported that the transaction with Terminal One was not expected to close by the original August 1, 2005 closing date, but that both parties were continuing to work diligently to complete a transaction as early as practicable. Each of Agricore United and Terminal One have since requested the Commissioner extend the timeframe allowed for the parties to conclude a transaction. The Commissioner has denied these requests. As a result, Agricore United has filed an application with the Competition Tribunal seeking, among other things, an order pursuant to section 106 of the Competition Act rescinding the consent agreement between the Commissioner and Agricore United. Agricore United is one of Canada's leading agri-businesses. The prairie-based company is diversified into sales of crop inputs and services, grain merchandising, livestock production services and financial markets. Agricore United's shares are publicly traded on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "AU.LV". Agricore United (TSX:AU.LV) |
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