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.

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.

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Now the group is just waiting for regulatory approvals by the Ministry of Commerce in China, which is still reviewing the takeover.

JH