Ceres Global Ag shareholders have agreed to a proposed US$140.1-million takeover by Bartlett Grain Company.

Bartlett is slated to acquire Golden Valley, Minn.-based Ceres through a newly formed Ontario-based subsidiary under a plan of arrangement that still requires approval from an Ontario Court.

Ceres owns and operates 10 grainhandling facilities in Saskatchewan, Manitoba and Minesota. In addition, Ceres owns stakes in U.S.-based grainhandling firms Savage Riverport, Berthold Farmers Elevator and Farmers Grain, Gateway Energy Terminal, along with an interest in Stewart Southern Railway, a short-line railway based in southeastern Saskatchewan.

A court hearing is scheduled for Thursday and the deal is expected to close July 7, subject to other customary conditions`.

Photo: Ceres Ag