logo-loader
viewViterra

Viterra says Australian competition regulator approves $6.1 bln takeover

approved_350_4fd0b0eb55c6d.jpg

Grain handling firm Viterra (TSE:VT) said Thursday Australian regulators won’t hinder the $6.1 billion takeover by Swiss-based Glencore International (LON:GLEN).

The Australian Competition and Consumer Commission, which promotes fair trade for businesses and consumers, won’t intervene or prevent the deal – Viterra said in a statement.

Viterra agreed to be bought by Glencore, a global commodities trader, for $16.25 per share, which is a premium of 48 percent to Viterra’s closing price on March 8.

Shareholders at the Canadian agribusiness voted in favour of the deal in May, and the Ontario Superior Court of Justice have already approved the friendly takeover.

Regina, Saskatchewan-based Viterra expects the deal to close by July, but added it is not possible yet to determine when the effective date will occur.

It said the transaction is still subject to approvals and clearances by the Investment Canada Act and the Australian Foreign Investment Review Board.

The acquisition includes a side agreement that will see a large chunk of Viterra's business sold to two other Canadian companies.

Calgary-based Agrium (TSE:AGU) and privately-held Richardson International, based in Winnipeg, will buy Viterra's Canadian assets for $2.6 billion in cash.

Viterra, formed by the merger of the Saskatchewan Wheat Pool and Agricore United, is a grain handler, marketer and food processor with operations across Canada, the United States, Australia, New Zealand and China.

Quick facts: Viterra

Price: - -

TSX:VT
Market: TSX
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Alpha Growth PLC using experienced team to start Alpha Growth and Income...

Alpha Growth PLC (LON: ALGW) CEO Gobind Sahney joined Steve Darling from Proactive to discuss the fund called Alpha Growth and Income fund or AGI. This funds prospective client are family offices, pension funds, and other institutions that still wish to receive some income but also want their...

2 days ago

2 min read