The acquisition of agricultural business Viterra by Glencore International, the Switzerland-based integrated producer and marketer of commodities, has been approved by the Canadian authorities.
Glencore is paying C$16.25 a share for the grain handler. The Swiss firm got the approval of the Minister of Industry after making a number of commitments covering a five-year period, including: increasing Viterra's projected capital expenditures in Canada by more than C$100m; investing an additional C$80m in Viterra's projected expenditure on research & development; contributing toward grain industry initiatives in the province of Manitoba; increasing contributions toward programmes supporting the Western Canadian farm community by 25%.
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