Viterra, the acquisitive Canadian agribusiness, has taken another step towards becoming a global concern by approaching ABB Grain, the Australian grain shipping giant.

ABB said it had received an outline offer within the range of Aus$9.00-9.50 a share, a premium of up to 36% on the stock's closing price on Monday, before the deal was announced.

Viterra said that, although a deal could not be guaranteed, the companies were engaged in "continuing negotiations and due diligence activities".

News of the deal, which would value ABB shares at Aus$1.56bn-1.64bn (US$1.09bn-1.15bn), sent ABB shares 20% higher to Aus$8.43 in Sydney.

However, Viterra shares stood Can$0.93, or 9.9%, lower at Can$8.50 in lunchtime deals in Toronto.

'Global leader' 

The approach comes three months after Viterra's chief executive, Mayo Schmidt revealed he was seeking deals "at the right place" after the feed-to-fertilizer group reported good headway absorbing its last big acquisition,  the Canadian grain handler Agricore United.

"Our goal is to become a global agri-business leader and a key supplier of ingredients to the world," Mr Schmidt said.

Viterra already has foreign operations in Japan, Singapore, Switzerland and the US,

ABB, the world's second ranked barley shipper and fourth biggest wheat exporter, said in December it would continue to seek global merger opportunities after ditching talks with Australian rival AWB on grounds that the companies were unable to agree terms.