Canada: Glencore agrees to extend review period of proposed acquisition of Viterra

Glencore International plc said on June, 15 that it has agreed with Canada's Minister of Industry to extend the review period of its proposed acquisition of Viterra, Inc. by an additional 30 days past the initial review period, which will end on June 18.

Glencore said it 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.

On May 3, Glencore learned that the Canadian Competition Bureau will not challenge the transaction. The U.S. statutory waiting period for antitrust review expired on the same day. On June 7, Australia's competition regulator (ACCC) granted unconditional approval for the transaction.

Glencore received the support of Viterra shareholders for the acquisition on May 29, via a special resolution to approve the Arrangement. On May 31, the Ontario Superior Court of Justice issued a final order approving the Arrangement under the Canada Business Corporations Act.

20 June, 2012