The company’s shareholders passed a special resolution that approved the acquisition of all of Viterra’s issued and outstanding common shares for $16.25 each in cash, for a total of $6.1 billion.
The resolution was approved by nearly all of the votes cast by shareholders, at an approval rate of 99.8 percent.
"We are very proud of the global business we have built, and our shareholders are being rewarded for their support of our company and its contributions to our employees and communities in which we live and operate."
The deal is subject to a final order of the Ontario Superior Court of Justice, which is expected to occur on May 31. Certain regulatory and other approvals are also required in order for the the transaction to close.
The federal government must get assurance that Glencore will follow through on its pledge to create North American headquarters in Regina and and to invest more in Saskatchewan, in order to pass the final order.
Viterra anticipates the transaction to close by the end of July, provided that approval of the court is granted, and all other conditions of the arrangement are met or waived.
The company expects to release its second quarter earnings results on June 12.
Canada-based Viterra provides ingredients to global food manufacturers, with operations across Canada, the United States, Australia, New Zealand and China, as well as a growing international presence in places such as Switzerland, India, and Japan.
It operates three business segments: grain handling and marketing, agri-products, and processing. The company owns the biggest share of Western Canada’s grain storage and farm supply outlets.
Switzerland-based Glencore is a world-wide integrated producer and marketer of commodities. It has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of metals and minerals, energy products and agricultural products.
Shares for Viterra were trading at $16.02 Tuesday afternoon, while shares of Glencore increased 1.62 percent to 351.56 pence.