Competition Bureau gives OK to Viterra takeover by Glencore

May 04, 2012

Glencore International has announced that the Competition Bureau will not oppose its takeover for Viterra. For $6.1 billion, Glencore will buy Viterra, and then sell its retail agri-products business to Agrium for C$1.8 billion. Glencore will sell Viterra's grain-handling assets to Richardson for C$900 million.

Two obstacles remain for the deal: it must by cleared by the Canadian government (Glencore is based in Switzerland, and as such, the acquisition is a foreign takeover requiring government approval), and Viterra's shareholders must also approve the deal. The vote will take place on May 29.

Full content: Reuters


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