Published: 09 Dec 2012 13:15 GMT+01:00 | Print version
Updated: 09 Dec 2012 13:15 GMT+01:00
The Swiss commodities giant Glencore says Chinese authorities have approved its purchase of the Canadian agri-business group Viterra and that it had thus cleared the last regulatory hurdle to the $6.1-billion deal.
"This was the final outstanding regulatory approval of Glencore's acquisition of Viterra," the Swiss company said in a statement on Friday, adding that it
now expected the deal to take effect on December 17th.
Glencore put in its $6.1-billion bid for Viterra on March 20, offering a premium of 48 percent over the Canadian company's closing share price on March 8th.
The deal, which immediately had the backing of the Viterra board and received a massive thumbs-up from shareholders in late May, amounts to one of the biggest takeovers in recent years in the agricultural commodities sector.
By July, Glencore had received the green light from regulators in Canada, the United States and Australia, but has had to wait patiently for the final approval from the Chinese to come through.
The Swiss company was already present in the agricultural commodities market, but the Viterra takeover will move it into a whole new league in a sector dominated by US giants Archer Daniels Midland and Cargill.
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