ABB Grain shareholders approve takeover by Viterra

Published: 08 Sep 2009 21:52:23 PST

ADELAIDE, Sept 9 - Shareholders of Australian grain firm ABB Grains Ltd on Wednesday voted in favour a A$1.6 billion ($1.4 billion) shares-and-cash takeover from Canadian grain firm Viterra Inc.

Shareholders representing about 83 percent of ABB voted for the offer, which would give Viterra greater exposure to Southeast Asia, a key destination for ABB's wheat and barley exports.

There has been some opposition to the offer among ABB's farmer shareholders who hold about 45 percent of the group's shares and object to Viterra's lack of dividend payments.

Some farmers have also worried that Viterra would have too much influence over the grain ports that ABB operates in its home state of South Australia.