E-Malt.com News article: Canada: Viterra shareholders approve takeover by Glencore

Viterra Inc. announced on May, 29 that its shareholders passed a special resolution to approve 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").

The resolution was approved by 99.8% of the votes cast by shareholders, Viterra said.

"The result of today's vote demonstrates strong support for this transaction from Viterra's shareholders," said Mayo Schmidt, Viterra's President and CEO. "We are very proud of the global business we have built, and our shareholders are being rewarded for their support of our company and its contributions to our employees and communities in which we live and operate."

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. In addition, certain regulatory and other approvals are required in order for the transaction to occur. Provided that approval of the Court is granted and that all other conditions of the Arrangement are satisfied or waived, Viterra expects the transaction to close by the end of July 2012; however, this date is not certain and may change.

Viterra expects to release its second quarter earnings results on June 12, 2012.

Headquartered in Canada, the global Viterra 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. Viterra operates three distinct business segments: Grain Handling and Marketing, Agri-products and Processing.

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.

Glencore is acquiring all of the Viterra assets in Australia, including ports, storages, malt houses, packing plants and other supply chain infrastructure.


30 May, 2012