ACCC clears Glencore-Viterra merger, still under review in EC
Shareholders in Viterra have voted in favour of Glencore’s $C6.1 billion takeover bid, with the Ontario Superior Court of Justice approving the takeover. While Glencore is active in mining, energy and agriculture, Viterra is an agribusiness with interests in grain handling and marketing, agriproducts and processing.
Viterra is the owner of the old Australian-listed ABB Grain, with former ABB Grain shareholders investing in Viterra via depositary interests listed on the ASX. While the ACCC is understood to have received objections to the deal from the Australian Parliament’s Select Committee into Grain Handling, it cleared the deal on 7 June 2012.
The CCB has indicated that it will not opposed the transaction. On 4 June 2012, Glencore notified the European Commission of its proposed acquisition of sole control of Viterra, and the EC expects to make a decision by 9 July 2012.
The deal is expected to close by the end of July, once all regulatory approvals have been obtained.