Viterra takeover approved by Chinese government
Approval by the Chinese government is the final regulatory step to complete Glencore International's take over of Viterra.
The Canadian Press
Published Friday, December 7, 2012 6:21AM CST
The $6.1-billion takeover of Viterra Inc. by Swiss commodity trader Glencore International has been approved by China's ministry of commerce.
It's the final regulatory step required for Glencore to buy Viterra, a Canadian company with major grain handling operations in Australia.
As a result of the final approval, Glencore expects the effective closing date of the deal to be Dec. 17.
Following that, Glencore will release the funds to Viterra shareholders and the company's stock will be delisted from the Toronto and Australian stock exchanges.
The Viterra takeover received approvals from shareholders and Canadian authorities earlier this year.
The Glencore deal included a side agreement to sell large chunk of Viterra's business to two other Canadian companies.