CALGARY, ALTA — Glencore International P.L.C. now expects its acquisition of Viterra Inc. to close on Dec. 17 since the Ministry of the Commerce of the People’s Republic of China has approved the acquisition, Glencore said Dec. 7. Glencore plans to release the funds to be subsequently paid out to shareholders of Viterra’s CHESS Depositary Interests. Arrangements will be made to delist Viterra from the Toronto Stock Exchange and the Australian Securities Exchange.
Glencore first announced plans to acquire Viterra for C$16.25 per share on March 20. Australia’s Foreign Investment Review Board and the Minister of Industry in Canada approved the acquisition before the approval in China.
Glencore, based in Baar, Switzerland, produces and markets commodities. Viterra, based in Calgary, operates three business segments: grain handling and marketing, agri-products and processing.