Viterra, Glencore extend approval date on acquisition

by World Grain Staff
Share This:
CALGARY, ALBERTA, CANADA — Viterra Inc. said on Nov. 9 that it has extended the outside date for completion of the acquisition by Glencore International to Dec. 10, as it awaits final approval from the Ministry of Commerce of the People's Republic of China (MOFCOM).
While the closing of the transaction remains subject to the satisfaction or waiver of all applicable conditions, the sole remaining regulatory approval condition is the approval of MOFCOM under the Chinese Anti-Monopoly Law.
In order to accommodate MOFCOM's ongoing review of Glencore's application (the waiting period under the Anti-Monopoly Law expires on Dec. 9) and to allow sufficient time to facilitate closing, Viterra and Glencore have further extended the outside date for completion of the acquisition to the latest to occur of Dec. 10 and the third business day after MOFCOM's clearance is obtained if that clearance is obtained on or prior to Dec. 10.
Viterra and Glencore will update the market in due course in relation to MOFCOM's approval and when the closing of the acquisition is expected to occur.