Glencore cancels Viterra loan notes meeting
Glencore International, the commodities-trading-cum-mining group, has changed its mind about holding an extraordinary meeting to discuss an amendment to its arrangements to buy up all of a tranche of loan notes issued by Viterra, the Canadian food ingredients group it is in the process of acquiring.
Glencore International, the commodities-trading-cum-mining group, has changed its mind about holding an extraordinary meeting to discuss an amendment to its arrangements to buy up all of a tranche of loan notes issued by Viterra, the Canadian food ingredients group it is in the process of acquiring.
Just a day after Glencore International called the meeting to vote on the extraordinary resolution authorising and approving certain proposed amendments to Viterra outstanding 6.406% Senior Unsecured Notes due February 16th, 2021, the Switzerland-based firm has called the meeting off.
Glencore, which offered C$16.25 per share for the group in March, equal to C$6.1bn (£3.9bn), received notice on Thursday from Australia's Foreign Investment Review Board that its acquisition has been approved, completing the necessary Australian regulatory approvals that were required.
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
Now the group is just waiting for regulatory approvals by the Ministry of Commerce in China, which is still reviewing the takeover.
JH
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
University tuition fees will rise to £9,535 next year – what does it mean for you?
The tuition fee hike has angered many students, not to mention their parents and grandparents who often help with financial support. But will it make a difference to how much you repay in the long run?
By Katie Williams Published
-
Will platinum and palladium rise?
Analysis Platinum and palladium have lagged gold and silver recently, but the outlook is improving. Should you invest?
By David J. Stevenson Published