Harper government sells Wheat Board for $250M
by The Canadian Press
The company, which will open a unit in Winnipeg, will get 50.1 per cent of the organization
WINNIPEG—The federal government is privatizing the Canadian Wheat Board by selling majority ownership to G3 Global Grain Group.
The new company, which will be based in Winnipeg but owned by several overseas firms, will get 50.1 per cent of the organization in exchange for an investment of $250 million. Thus the company will get to make all the decisions.
The remaining 49.9 per cent will be kept in trust for farmers who deliver grain to the board.
Ottawa says the agreement will see a new coast-to-coast grain processing and shipping network.
It also says the deal will increase Canada’s ability to export grain, create jobs and spawn economic growth in the Prairies.
Terms are expected to be finalized June 1.
