Viterra shareholders approve Glencore acquisition

by World Grain Staff
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CALGARY, ALBERTA, CANADA — Viterra Inc. announced on May 29 that shareholders passed a special resolution to approve the arrangement between a wholly owned subsidiary of Glencore International plc and Viterra under which Glencore will acquire all issued and outstanding common shares of Viterra for C$16.25 per share, in cash. The resolution was approved by 99.8% of the votes cast by shareholders.

"The result of today's vote demonstrates strong support for this transaction from Viterra's shareholders," said Mayo Schmidt, Viterra's president and chief executive officer. "We are very proud of the global business we have built, and our shareholders are being rewarded for their support of our company and its contributions to our employees and communities in which we live and operate."

"We welcome the response of Viterra's shareholders to the deal,” said Chris Mahoney, director of Agricultural Products of Glencore. “We look forward to becoming part of the agriculture industry in Western Canada and to contributing to the expansion of the grains and oilseeds sector in those communities now served by Viterra, in Canada, Australia and elsewhere."

The arrangement is subject to a final order of the Ontario Superior Court of Justice, which is expected to be sought on May 31, 2012. In addition, certain regulatory and other approvals are required in order for the transaction to occur. Provided that approval of the court is granted and that all other conditions of the arrangement are satisfied or waived, Viterra expects the transaction to close by the end of July 2012; however, this date is not certain and may change.

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