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Winnipeg Free Press - PRINT EDITION
Takeover delayed
CALGARY -- Viterra Inc. (TSX:VT) and Glencore International have extended the deadline for closing the Swiss giant's friendly takeover of the Canadian grain company to allow time for a Chinese regulator to complete its review.
The $6.1-billion deal requires approval from the Chinese Ministry of Commerce, the final regulatory hurdle facing the companies.
The agreement received approval under the Investment Canada Act in July. The companies said they have extended the outside date for closing the deal by one month to Nov. 15.
Glencore has agreed to increase Viterra's projected capital expenditures in Canada by more than $100 million over five years and has said it will contribute to "grain industry initiatives" in Manitoba. It has also committed to maintaining Viterra's Regina head office and said it will make the location the HQ for its North American operations.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition September 27, 2012 B8
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