E-Malt.com News article: Canada & Australia: Viterra and Glencore wait for acquisition approval by China Ministry of Commerce

Viterra said on Sept. 26 that the sole remaining regulatory approval for the previously announced acquisition by Glencore International is from the Ministry of Commerce of the People's Republic of China (MOFCOM) under the Chinese Anti-Monopoly Law.

Glencore and Viterra continue to engage with MOFCOM to ensure approval as soon as possible. In order to accommodate MOFCOM's review process, Viterra and Glencore have extended the outside date for completion of the acquisition by one month to Nov. 15.

MOFCOM is expected to provide its approval within this timeframe. Viterra and Glencore will advise the market once MOFCOM approval has been received of the subsequent closing date on which the acquisition will occur.

Viterra exports grain from Australia and owns grain handling facilities in South Australia and Victoria. The company also has a sizeable malt barley operation.


28 September, 2012