Viterra, Glencore push back deal deadline
Nov. 9, 2012
by Eric Schroeder
CALGARY, ALTA. — Viterra Inc. on Nov. 9 said its proposed acquisition by Glencore International P.L.C. only remains subject to the regulatory approval of the Ministry of Commerce of the People’s Republic of China (MOFCOM) under the Chinese Anti-Monopoly Law. Although the review process continues to advance, Viterra said MOFCOM’s approval “is no longer expected to be obtained in time to facilitate a closing of the acquisition by Nov. 15, 2012.” In order to accommodate MOFCOM’s ongoing review of Glencore’s application and to allow sufficient time to facilitate closing, Viterra and Glencore have extended the expected date of completion to Dec. 10, 2012.