Agricore United
TSX : AU

Agricore United

January 12, 2007 08:40 ET

Competition Bureau Review Will Not be Completed Before Expiry of Saskatchewan Wheat Pool Hostile Bid for Agricore United

WINNIPEG, MANITOBA--(CCNMatthews - Jan. 12, 2007) - Agricore United (TSX:AU) has been advised by the Canadian Competition Bureau that the Bureau's investigation of Saskatchewan Wheat Pool Inc.'s (SaskPool) hostile bid for Agricore United is continuing and the Commissioner of Competition will not be in a position to provide her views regarding the SaskPool bid until after the scheduled bid expiry date of January 24, 2007. This is contrary to the reported statements of SaskPool to date. Because the review will not be completed by January 24, 2007, the regulatory condition in the SaskPool bid cannot be satisfied.

As previously announced, the SaskPool bid also cannot meet its 75% minimum tender condition, since Archer Daniels Midland Company, Agricore United's principal shareholder holding 28% of the limited voting common shares, has advised Agricore United that it has reviewed the SaskPool bid and considered it, on its current terms, to be inadequate and, accordingly, does not intend to accept the SaskPool bid.

The Board of Directors of Agricore United has unanimously recommended that securityholders reject the offer by SaskPool and not tender their securities to the SaskPool offer. The directors circular containing such recommendation is available on SEDAR at www.sedar.com and on Agricore United's website at www.agricoreunited.com.

About Agricore United

Agricore United is one of Canada's leading agri-businesses with headquarters in Winnipeg, Manitoba and extensive operations and distribution capabilities across western Canada, as well as operations in the United States and Japan. Agricore United uses its technology, services and logistics expertise to leverage its network of facilities and connect agricultural customers to domestic and international customers and suppliers. The company's operations are diversified into sales of crop inputs and services, grain merchandising, livestock production services and financial services. Agricore United's common shares are traded on the Toronto Stock Exchange under the symbol "AU".

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