Glencore receives final approval to acquire Viterra
Viterra Inc. announced that the acquisition of Viterra by a subsidiary of Glencore International Plc received regulatory approval from the Ministry of Commerce of the People's Republic of China.
This was the final outstanding regulatory approval of Glencore's acquisition of Viterra pursuant to a court approved plan of arrangement.
Viterra now expects the effective date of the arrangement to be Dec. 17, as a result of Viterra and Glencore having agreed to extend the date for completion of the arrangement. On the effective date of the arrangement, Glencore will release the funds to be subsequently paid out to shareholders and holders of Viterra's CHESS Depositary Interests (CDIs) as described under the heading "Information for shareholders and CDI holders" below.
The necessary arrangements will also be made to delist Viterra from the Toronto Stock Exchange and the Australian Securities Exchange.
"The approvals over the past months by the Canadian courts, regulators around the world and our shareholders, who voted 99.8 percent in favour of the deal, demonstrate widespread support for this transaction," said Mayo Schmidt, Viterra's president and CEO.
"I wish Viterra employees and Glencore continued success in the Canadian and Australian agricultural landscape."