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China Approves Last Hurdle for Glencore’s $6.1 Billion Takeover of Viterra

Glencore’s Acquisition of Viterra Expected to be Finalized Dec. 17 2012

By , Farms.com

Glencore International received approval from China’s Ministry of Commerce on Friday for its purchase of Canadian grain handler Viterra Inc. in a $6.1 billion dollar deal that was expected to close by July.

This signals one of the largest global agricultural industry acquisitions in history.

Viterra, which has operations in China and several other countries, said that it now expects the deal to be finalized by Dec. 17, 2012.

Viterra shares reached a seven-month low in October, which can be largely attributed to concerns over delays of the takeover. Shares closed at $15.85 on the Toronto Stock Exchange on Thursday.

Glencore shares were down 1.2% at 441.4 pence on the London Stock Exchange on Friday.

It was speculated that China was holding off on the decision for approval until the Canadian government would approve their takeover of Nexen Inc. by China’s CNOOC Ltd.

The announcement on Friday was the last outstanding regulatory barrier for the acquisition.


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Early Fall Colors | Scenic Ontario Road Trip!

Video: Early Fall Colors | Scenic Ontario Road Trip!

All adventures must come to an end, but not without one more journey! Join The Wandering Shepherds as we say farewell to our cozy Calabogie cottage and take the scenic road trip home to Ewetopia Farms. Our first stop was a breathtaking hydroelectric generating station, framed by cliffs, rushing water, and brilliant fall leaves that seemed to have changed overnight. From there, we meandered along winding backroads through lakes and hills, soaking in the spectacular autumn scenery. This year, the colors seemed to arrive earlier than usual—perhaps due to the summer’s drought? Whatever the reason, it was an unforgettable display of Ontario’s fall beauty. Finally, our holiday drew to a close as we pulled back into Ewetopia Farms, ready to return to the sheep and our daily vlogs. But this trip reminded us how important it is to pause, explore, and appreciate the simple beauty around us.