Viterra chief executive Mayo Schmidt set his sights on Asia after the Canadian agribusiness giant overcame farmer opposition to win support for its Aus$1.6bn (US$1.4bn) bid for Australia's ABB Grain.

Viterra highlighted that the deal would open up Asian markets, including those on the Indian sub-continent, "which are becoming increasingly importance, given their current trend of growing demand".

Mr Schmidt told reporters: "As far as markets where ABB may not have had access, where Viterra may not have had access, we're going to be very inquisitive and we're interested in developing a strategy for those markets."

The company, which stressed its strong balance sheet, may stretch this interest to acquisitions, once ABB is bedded in.

"There are areas of interest throughout South East Asia,"  Mr Schmidt said.

"There's no shortage of opportunities. The key is the discipline to move methodically through them and of course act at the appropriate time."

Margin of support

The comments followed approval by investors in ABB, the world's second-largest barley exporter and fourth-ranked wheat shipper, for Viterra's cash-and-shares bid.

The deal was backed by holders of more than 80% of ABB shares. A separate vote, to get shot of 15% limit on ABB shareholdings which represented a technical barrier to the takeover, passed by a similar margin.

However, by proportion of shareholders, support for the deal was 60%, indicating some lingering resistance to the takeover.

South Australian Farmers' Federation, at a meeting last week, restated its opposition to the tie-up.

Profit warnings

Farmers' concerns have related to factors such as the degree of control that Viterra would gain over southern Australian ports to Viterra's policy of reinvesting profits in growth rather than paying dividends.

Analysts at Australian broker Wilson HTM said in June that the level of opposition meant the deal was "unlikely to succeed".

However, ABB's profit warning two weeks ago, its third since February, rallied support for the tie-up by raising doubts over the grain handler's future as an independent.

"The number and timing of ABB's downgrades would appear to have worked in favour of Viterra's proposed acquisition," Wilson said in a note last week.

ABB shares closed up Aus$0.13 at Aus$9.13 in Sydney.

Viterra shares stood Can$0.25 higher at Can$9.42 in afternoon trade in Toronto.