Commodities trader and mining group Glencore has received the final regulatory approval needed for its acquisition of Canadian agri-business Viterra.
Glencore announced on Friday that following the approval from the Ministry of Commerce of the People's Republic of China, the acquisition is expected to complete on December 17th.
The C$16.25-a-share acquisition, first announced in March, values Viterra's equity at around C$6.1bn.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
On the completion date, Glencore will release the funds to Viterra shareholders and its shares will be delisted from stock exchanges in Canada and Australia.
Speaking at the time when the deal was first announced, Chris Mahoney, the director of Agricultural Products at Glencore, said: "The acquisition of Viterra reflects our strong belief in the importance and future potential of the Canadian and Australian grain markets.
"This is an exciting opportunity to deliver the real benefits that can be generated through the combination of Glencore's and Viterra's respective assets, people and know-how to both farmers and customers in Canada, Australia and further afield."
-
Water companies blocked from using customer money to pay “undeserved” bonusesThe regulator has blocked three water companies from using billpayer money to pay £1.5 million in exec bonuses
-
Will the Bitcoin price hit $100,000?With Bitcoin prices trading just below $100,000, we explore whether the cryptocurrency can hit the milestone.
