Ministry approves Glencore acquisition of Viterra
July 16, 2012
by Eric Schroeder
CALGARY, ALTA. — The Minister of Industry in Canada has approved Glencore International P.L.C.’s acquisition of Viterra Inc. under the Investment Canada Act. Additionally, Glencore has received notification from the Ministry of Commerce of the People’s Republic of China that it has moved to the next phase of review of the transaction.
The review is expected to continue into August, meaning the transaction is not expected to close by the court approved date of July. The transaction was first announced in mid-May.
Canada-based Viterra operates three business segments: grain handling and marketing, agri-products and processing.
Based in Baar, Switzerland, Glencore is one of the world’s largest producers and marketers of commodities. The company has activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of metals and minerals, energy products and agricultural products.