Viterra provides update on Glencore transaction
Viterra Inc. provided an update regarding the status of regulatory approvals of Glencore International plc (Glencore)'s proposed acquisition of Viterra.
Although the closing of the transaction remains subject to the satisfaction or waiver of all applicable conditions, the sole remaining regulatory approval is the approval of the Ministry of Commerce of the People's Republic of China (MOFCOM) under the Chinese Anti-Monopoly Law.
Glencore and Viterra continue to engage with MOFCOM to ensure approval as soon as possible. In order to accommodate MOFCOM's review process, Viterra and Glencore have extended the outside date for completion of the acquisition by one month to November 15, 2012. MOFCOM is expected to provide its approval within this timeframe. Viterra and Glencore will advise the market once MOFCOM approval has been received of the subsequent closing date on which the acquisition will occur.