Glencore Gets Canadian OK for Viterra Acquisition
Associated Press -- July 16, 2012 -- The Canadian government signed off Sunday on Glencore International PLC's bid to acquire Canadian agribusiness giant Viterra Inc, bringing the Swiss commodities supplier's multi-billion dollar transaction one step closer to completion.The 6.1 billion Canadian ($6.14 billion) bid was approved by Industry Minister Christian Paradis under the Investment Canada Act.
"I approve an application under the act if I am satisfied that the investment is likely to be of net benefit to Canada," Paradis said in a statement.
"Glencore has made a number of commitments to Canada."
The Switzerland-based commodities firm released a statement Sunday emphasizing its commitments to investing in Saskatchewan-based Viterra's operations and to growing western Canada's agricultural industry.
Glencore had said it expects to get all of the regulatory approvals it needs to close the transaction by the end of July.
But it now suggests it may not meet that deadline as it waits for a review approval from the Ministry of Commerce in China, where Viterra has operations.
Glencore also requires final approval from New Zealand's Overseas Investment Office and Australia's Foreign Investment Review Board.
The company said it will provide an update on when it expects the deal to close.
A U.S. statutory waiting period for antitrust review has expired, and Australia's competition watchdog has approved the transaction. The deal also has the blessings of shareholders and the Ontario Superior Court of Justice.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Copyright notice
This is a news service of NewsEdge Corporation ©2012. This content is for your personal use only, subject to Terms and Conditions. No redistribution allowed.
Editor's Picks from Recent eNews
Save the Date for Co-Located 2013 Soy & Grain Trade Summit and Women in Agribusiness Summit
Northstar Agri Industries Announces Oklahoma Expansion Plan
Current Reports in the Resource Library at Soyatech.com
Soyfoods: The U.S. Market 2012
This annual report provides detailed information on the U.S. market by category, sub-category, brand and distribution channel.
Soyfoods: The U.S. Market 2012
This annual report provides detailed information on the U.S. market by category, sub-category, brand and distribution channel.
Copyright © 2000-2013 Soyatech, LLC. • P.O. Box 1307 • Southwest Harbor, ME 04679 • USA