S&P keeps Saskatchewan Wheat Pool on positive watch

Standard & Poor's said it maintained the CreditWatch listings on Saskatchewan Wheat Pool (B+/Watch positive) and Agricore United (BB/Watch developing), following Saskatchewan Wheat Pool's revised C$1.8 billion offer for Agricore.

The new proposal, under which Saskatchewan Wheat Pool will enhance and extend its common share offer for all of Agricore's shares outstanding, has been deemed a "superior proposal" by Agricore's board relative to James Richardson International Ltd.'s April 19 proposal, the agency said.

S&P added that the new company would have a strengthened business risk profile, with a combined market share of about 40% of western Canada grain shipments and 84% of its storage capacity would consist of modern 50- to 100-car high-throughput grain elevators.

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