Maple Leaf Foods has taken the next step in its hostile takeover bid of Schneider Corporation, mailing its offer to Schneider shareholders late last week.
Maple Leaf is offering $19 for all Schneider shares. The offer is open until Dec. 6.
Schneider shares jumped in value from $13.25 Oct. 31 to $19.75 Nov. 14.
If successful, the takeover will give Maple Leaf 40 percent of the hog market in Canada.
NISA paperwork streamlined
Saskatoon newsroom
Farmers enrolled in the Net Income Stabilization Account program will have only one form to fill out for 1998 taxes.
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Revenue Canada and Agriculture Canada are introducing a joint application and reporting form and guide for NISA. In the past, farmers had to supply information to both departments separately.
A streamlined process means there will be faster processing, reduced program operating costs, reduced paper burden and more use of electronic filing, a program news release said.
Revenue Canada will process the information in the new form and will electronically transmit NISA information to Agriculture Canada. Safeguards are in place to ensure the information that NISA farmers give on their tax returns remains confidential.
It will also mean only one filing deadline, which will be June 15 for self-employed individuals and their spouses.
Revenue Canada will mail the package in December to farmers who submitted a NISA application in 1997. Copies will also be available in all Revenue Canada taxation offices in January.
ADM untroubled by Asia woes
WASHINGTON, D.C. (Reuters) – The outlook for United States agriculture and for one of the U.S.’s largest agribusiness firms remains strong despite economic problems in China, a top Archer Daniels Midland Co. executive said last week.
G. Allen Andreas, president and chief executive officer of ADM, said he expected problems in Asia to have no long-term effect on his company’s profitability and to create investment opportunities in the region in the short-term. The situation in Asia needs close monitoring to prevent a possible “mild recession” there from becoming even worse, Andreas said.
But, over the long term, strong population growth and a relative scarcity of farmland will keep the region a strong market for U.S. agricultural goods, he said.
“Long term, we’re very comfortable,” Andreas said, referring to the impact Asia’s problems might have on his own firm.
“We’re a well-capitalized company, we’ve got substantial liquidity on our balance sheet.”
ADM is already heavily invested in agricultural processing facilities in Asia. The recent drop in Asian stock markets and currencies means ADM may be able to pick up new properties “at better prices” than would have been possible before “the wash-out” occurred, he said.
Despite his optimism, Andreas expressed concern about the American government’s failure so far to get new fast track trade negotiating authority from Congress.
Without that authority, ADM and U.S. agriculture in general will be forced to “live in the parameters” of current trade agreements while competing nations forge new pacts to gain additional access to markets around the world.
