ACCC clears Glencore-Viterra merger, still under review in EC

Published On 07/06/2012 | By Peta Stevenson | Mergers

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.

Photo credit: wsilver / Foter / CC BY

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About The Author

is a partner in the Sydney office of King & Wood Mallesons where she specialises in competition litigation with experience in a wide range of jurisdictions. Peta also advises clients on the application of the anti-competitive conduct, consumer protection and access provisions of the Competition & Consumer Act 2010 (Cth) and related state legislation. In 2001/02 she undertook her LLM at the University of Cambridge, during which time she developed a passionate if fleeting interest in rowing.

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