Glencore International's takeover of Viterra may not close until as late as Dec. 10, as companies look to clear final regulatory hurdle, companies say
November 9, 2012
Viterra Inc. (Viterra) (TSX:VT) (ASX:VTA) provided a further update today regarding the status of regulatory approvals of Glencore International plc (Glencore)'s proposed acquisition of Viterra.
While the closing of the transaction remains subject to the satisfaction or waiver of all applicable conditions, the sole remaining regulatory approval condition is the approval of the Ministry of Commerce of the People's Republic of China (MOFCOM) under the Chinese Anti-Monopoly Law.
Glencore and Viterra continue to engage with MOFCOM to ensure approval as soon as possible. The ongoing review process continues to advance however MOFCOM's approval is no longer expected to be obtained in time to facilitate a closing of the acquisition by November 15, 2012.
In order to accommodate MOFCOM's ongoing review of Glencore's application (the waiting period under the Anti-Monopoly Law expires on December 9, 2012) and to allow sufficient time to facilitate closing, Viterra and Glencore have further extended the outside date for completion of the acquisition to the latest to occur of (i) December 10, 2012 and (ii) the third business day after MOFCOM's clearance is obtained if that clearance is obtained on or prior to December 10, 2012.
Viterra and Glencore will update the market in due course in relation to MOFCOM's approval and when the closing of the acquisition is expected to occur.
Viterra provides premium quality ingredients to leading global food manufacturers. Headquartered in Canada, the global agri-business has operations across Canada, the United States, Australia, New Zealand and China, as well as a growing international presence that extends to offices in Japan, Singapore, Vietnam, Switzerland, Italy, Ukraine, Germany, Spain and India. Driven by an entrepreneurial spirit, Viterra operates three distinct business segments: Grain Handling and Marketing, Agri-products and Processing. Viterra's expertise, close relationships with producers and superior logistical assets allows Viterra to consistently meet the needs of the most discerning end-use customers, helping to fulfill nutritional needs of people around the world.
Glencore is one of the world's leading integrated producers and marketers of commodities, headquartered in Baar, Switzerland, and listed on the London and Hong Kong Stock Exchanges. Glencore has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of Metals and Minerals, Energy Products and Agricultural Products.