Bunge, a global leader in the grain industry, and Viterra, backed by Glencore, have reached a unanimous agreement to merge, forming one of the world's largest agribusinesses. 

The deal, valued at $34 billion, will be led by Greg Heckman, CEO of Bunge. 

The merger will be closely examined by competition regulators due to the already concentrated global grain market.

Bunge, headquartered in the United States, currently owns an export terminal at Australia's Port of Bunbury and two grain receival sites in Western Australia. 

It is part of the ABCD group, along with Archer Daniels Midland, Cargill, and Louis Dreyfus, collectively controlling a significant portion of the global grain trade, as well as trading in various commodities.

Viterra, based in Canada, is the dominant grain handler in South Australia and western Victoria, operating 55 receival sites and six port terminals. 

In 2009, Viterra acquired ABB Grains, one of Australia's largest agribusinesses, and in 2012, Glencore acquired a 49.99 per cent stake in Viterra, rebranding it as Glencore Agriculture.

The merger would significantly boost Bunge's revenue, which reached $67.2 billion in 2022. Both Bunge and Viterra are major purchasers of Australian grain, according to Clear Grain Exchange. 

The Australian Competition and Consumer Commission will thoroughly assess the local impact of the merger and has the authority to oppose it or require divestments.

This merger follows a trend of major agribusiness consolidations in recent years, including ChemChina's acquisition of Syngenta, Bayer's purchase of Monsanto, and Nutrien's takeover of Landmark and RuralCo.

While Bunge and Viterra's physical assets are located in separate states, they compete nationwide for Australian farmers' grain.