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Winnipeg Free Press - PRINT EDITION
Viterra shareholders OK takeover
CALGARY -- Viterra shareholders have voted overwhelmingly in favour of a $6.1-billion takeover of the Canadian agribusiness by a European commodities giant, the company said Tuesday.
It said 99.8 per cent of votes cast by Viterra shareholders were in favour of accepting $16.25 per share in cash from Glencore PLC, a Swiss commodities giant.
The Competition Bureau has already indicated it doesn't plan to intervene and the vote is one of the final steps in completing the deal. The Ontario Superior Court of Justice is expected to rule after a hearing on Thursday.
The Glencore deal included a side agreement that will see a large chunk of Viterra's business sold to two other Canadian companies.
Calgary-based Agrium Inc. (TSX:AGU) will pay $1.8 billion for the majority of Viterra's retail business.
Richardson International of Winnipeg will acquire a 23 per cent share of Viterra's grain-handling assets in Canada, plus other North American assets.
Viterra (TSX:VT) was formed several years ago after Saskatchewan Wheat Pool bought Agricore United. The firm has since expanded beyond Canada.
Viterra shares closed Tuesday at $16, down three cents, on the Toronto Stock Exchange.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition May 30, 2012 B5
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