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GLENCORE AGREES TO EXTENSION OF REVIEW PERIOD WITH CANADA'S MINISTER OF INDUSTRY
Jun. 19, 2012
Source: Glencore International news release
Glencore International plc ("Glencore") today announced that it has agreed with Canada's Minister of Industry to extend the review period of its proposed acquisition of Viterra, Inc. ("Viterra") by an additional 30 days past the initial review period, which will end on June 18, 2012. Glencore remains focused on achieving all regulatory approvals, including those under the Investment Canada Act, in time for the closing of the transaction which is expected to be by the end of July, 2012.
On May 3, 2012 Glencore learned that the Canadian Competition Bureau will not challenge the transaction. The US statutory waiting period for antitrust review expired on the same day. On June 7, 2012 Australia's competition regulator (ACCC) granted unconditional approval for the transaction.
Glencore received the support of Viterra shareholders for the acquisition on May 29, 2012 via a special resolution to approve the Arrangement. On May 31, 2012 the Ontario Superior Court of Justice issued a final order approving the Arrangement under the Canada Business Corporations Act.
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