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Jun. 7, 2012 Source: Viterra news release Viterra Inc. ("Viterra") (TSX:VT) (ASX:VTA) acknowledges that the Australian Competition and Consumer Commission ("ACCC") will not oppose the arrangement between a wholly owned subsidiary of Glencore International plc ("Glencore") and Viterra under which Glencore will acquire all issued and outstanding common shares of Viterra for C$16.25 per share, in cash (the "Arrangement"). Following a review of the proposed acquisition under section 50 of the Competition and Consumer Act 2010, the ACCC stated today that they will not intervene or seek to prevent the Arrangement. "We are pleased to confirm the ACCC has formed the view that it will not intervene in the proposed acquisition," said Mayo Schmidt, President and CEO of Viterra. "This is another milestone in the acquisition process, and we are working to conclude the Arrangement in a timely manner." In early May, Glencore received a No Action letter from the Competition Bureau of Canada and the U.S. statutory waiting period for antitrust review expired. On May 29, 2012, Viterra shareholders approved the Arrangement at Viterra's special meeting of shareholders, and two days later the Ontario Superior Court of Justice issued a final order approving the Arrangement under the Canada Business Corporations Act. Viterra expects the transaction to close by the end of July 2012. However, it is not possible at this time to determine with certainty when the effective date will occur. The closing of the transaction is subject to the satisfaction or waiver of all conditions that are applicable to the Arrangement including the granting of approvals or clearances under the Investment Canada Act and the Australian Foreign Investment Review Board. About Viterra Viterra provides premium quality ingredients to leading global food manufacturers. Headquartered in Canada, the global agri-business has operations across Canada, the United States, Australia, New Zealand and China, as well as a growing international presence that extends to offices in Japan, Singapore, Vietnam, Switzerland, Italy, Ukraine, Germany, Spain and India. Driven by an entrepreneurial spirit, Viterra operates three distinct business segments: Grain Handling and Marketing, Agri-products and Processing. Viterra's expertise, close relationships with producers and superior logistical assets allows Viterra to consistently meet the needs of the most discerning end-use customers, helping to fulfill nutritional needs of people around the world. About Glencore Glencore is one of the world's leading integrated producers and marketers of commodities, headquartered in Baar, Switzerland, and listed on the London and Hong Kong Stock Exchanges. Glencore has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of Metals and Minerals, Energy Products and Agricultural Products. Tweet |
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