Viterra shareholders OK Glencore bid

The takeover of agricultural business Viterra by commodities trader and mining firm Glencore has moved a step closer after Viterra passed a special resolution.

The resolution gives approval to the plan of arrangement under which a subsidiary of Glencore will make a C$16.25 per share cash offer for Canada's Viterra.

The arrangement is subject to a final order of the Ontario Superior Court of Justice, which is expected to be sought on May 31st, 2012. On May 3rd, Glencore learned that the Canadian Competition Bureau will not challenge the transaction. The US statutory waiting period for anti-trust review expired on the same day, the company said.

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