|Glencore-Viterra Deal Not Final Yet|
|Written by Neil Billinger|
|Wednesday, 26 September 2012 15:26|
The Chinese Ministry of Commerce needs more time to review a $6.1 billion deal that would see Canada's largest grain company sold to the Swiss commodity giant.
Viterra has operations in the United States, Australia, New Zealand and China. The deal has been approved in all of these countries, except China.
Glencore and Viterra have extended the outside date for closing by one month to November 15. The deal was originally expected to receive all of the necessary regulatory approvals by late July.
The takeover delay is also slowing the completion of side deals Glencore has to sell some of Viterra's Canadian assets. The agreements with Richardson and Agrium were reached to ensure approval under the Investment Canada Act. Richardson and Agrium will also have to receive federal regulatory approval in the coming months.
|Last Updated on Wednesday, 26 September 2012 15:48|