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Saskatchewan Wheat Pool, Agricore United Both On Watch Following Wheat Pool's Hostile Bid
Standard & Poors, November 2006
TORONTO (Standard & Poor's) Nov. 8, 2006--Standard & Poor's Ratings Services today said it placed its ratings on Regina-based Saskatchewan Wheat Pool (SWP) on CreditWatch with positive implications, including the 'B+' long-term corporate credit rating. At the same time, Standard & Poor's placed its ratings on Winnipeg, Man.-based grain handler Agricore United (AU) on CreditWatch with developing implications, including the 'BB' long-term corporate credit rating. These CreditWatch placements follow the announcement of SWP's intention to make a hostile bid for AU's common shares, convertible preferred shares, and subordinated convertible debentures. The all-equity transaction would be valued at about C$550 million, with the exception of about C$26.5 million that SWP would pay for AU's convertible preferred shares. "The new company would...
Companies mentioned in this report are: Viterra Inc.
Action: On CreditWatch:Developing
Action: On CreditWatch:Positive
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.