Winnipeg Free Press - PRINT EDITION
Posted: 12/8/2012 1:00 AM | Comments: 0
CALGARY -- The $6.1-billion takeover of Canada's Viterra Inc. (TSX:VT) by Swiss commodity trader Glencore International has been approved by China's ministry of commerce.
The decision, announced Friday, is the final regulatory step required for Glencore to buy Viterra, a Regina-based international grain handler that does business in China in addition to major operations in Canada, Australia, the United States and elsewhere.
As a result of the final approval, Glencore expects the effective closing date of the deal to be Dec. 17.
Following that, Glencore will release the funds to Viterra shareholders and the company's stock will be delisted from the Toronto and Australian stock exchanges.
The Viterra takeover received approvals from shareholders and Canadian authorities earlier this year.
The Glencore deal included a side agreement to sell a large chunk of Viterra's business to two other Canadian companies -- Calgary-based Agrium Inc. (TSX:AGU) and Winnipeg-based Richardson International.
Glencore has also 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.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition December 8, 2012 B7
Have you found an error, or know of something we’ve missed in one of our stories? Please use the form below and let us know.
Having problems with the form?Contact Us Directly
Ron Howard sells house in NYC suburbs for $27.5M
Amazon worker piloted drone around Space Needle
Global tensions can't dent enthusiasm for stocks
Ottawa posts $1.15B deficit in April-May
TransForce shares up after trucking deal
Air Canada flight to Tel Aviv does 'go-around'
Newfoundland loses Churchill Falls court bid
New EU sanctions to target Russian businesses
Molson Coors Brewing CEO to retire at year's end
Pot may be legal, but homeowner agreements can ban
Loonie lower amid strong durable goods data
Orders for US durable goods up 0.7 per cent in June
Golds, financials push TSX modestly higher
Cyprus passes international bailout review
US agency probes Hyundai Sonata air bag problem
Settlement reached in a key Nortel dispute
Son of S.Korea sunken ferry owner detained
Russian execs fear lasting damage from plane crash
Russia raises key rate amid Ukraine concerns
Family feud sparks revolt at grocery store chain
UK economy grows to surpass pre-crisis peak
World markets drift ahead of US data next week
China pork giant WH Group makes 2nd IPO attempt
Towering worry: Small holes cause big jitters
German business confidence drops for 3rd month
BSkyB to take over Italian, German pay TV networks
Historic Civil War battle sites have a mobile app
Potato growers cutting back
CORE of Apple's future success
Twitter workforce sees male majority
Rain, flooding losses: $1.1B
Travel tips for a safe and stress-free vacation
Oil price slips below $102 a barrel
Fast food workers prepare to escalate wage demands
Japan inflation eases in June under tax hike blow