Glencore welcomes Viterra shareholders' approval of acquisition
BAAR, Switzerland, May 29, 2012 /CNW/ - Glencore International plc ("Glencore") welcomes the announcement by Viterra Inc. ("Viterra") that it has received the required support of Viterra shareholders for its acquisition of the company. At a special meeting today, Viterra shareholders passed a special resolution to approve the previously announced plan of arrangement pursuant to which a wholly owned subsidiary of Glencore will acquire all of the issued and outstanding common shares of Viterra for C$16.25 per share, in cash.
Chris Mahoney, Director of Agricultural Products of Glencore, said "We welcome the response of Viterra's shareholders to the deal. We look forward to becoming part of the agriculture industry in Western Canada and to contributing to the expansion of the grains and oilseeds sector in those communities now served by Viterra, in Canada, Australia and elsewhere."
The Arrangement is subject to a final order of the Ontario Superior Court of Justice, which is expected to be sought on May 31, 2012. On May 3, 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.
Glencore continues to work within the Investment Canada review process and to pursue regulatory approvals required to complete the transaction, which it believes will be of significant benefit to Canadian farmers and the grains and oilseeds sector generally.
About Glencore International plc
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.
SOURCE Glencore International plc