Glencore's proposed acquisition of Viterra remains subject to approval by Ministry of Commerce of the People's Republic of China, Viterra officials say
August 28, 2012
– Viterra Inc. (Viterra) (TSX:VT) (ASX:VTA) provided an update today regarding the status of regulatory approvals of the proposed acquisition of Viterra by Glencore International plc ("Glencore").
While the closing of the transaction remains subject to the satisfaction or waiver of all applicable conditions, the sole remaining regulatory approval is the approval of the Ministry of Commerce of the People's Republic of China (MOFCOM) under the Chinese Anti-Monopoly Law.
Glencore continues to engage with MOFCOM to ensure approval as soon as possible. MOFCOM is now expected to continue its review into September. Viterra and Glencore will update the market in due course when they expect closing of the acquisition 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.