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.
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
-
Steve Webb: The triple lock is there to do a job. I’m not embarrassed or ashamed of itThe triple lock means 13 million pensioners will now get an above-inflation state pension boost in April. While the rising cost of the policy has stirred controversy, Steve Webb, who served as pensions minister when it was introduced, argues the triple lock is vital and should stay. Webb speaks to Kalpana Fitzpatrick on the new episode of MoneyWeek Talks – out now.
-
How retirement pots risk running out 11 years early if inflation remains highPension savers could find their retirement income may not last as long as they anticipated over fears that inflation may not slow down
