CALGARY, ALBERTA, CANADA — Viterra Inc. said on June 7 that the Australian Competition and Consumer Commission (ACCC) will not oppose the sale of Viterra to Glencore International plc for C$16.25 per share, in cash.
Following a review of the proposed acquisition under section 50 of the Competition and Consumer Act 2010, the ACCC stated that they will not intervene or seek to prevent the arrangement.
"We are pleased to confirm the ACCC has formed the view that it will not intervene in the proposed acquisition," said Mayo Schmidt, president and chief executive officer of Viterra. "This is another milestone in the acquisition process, and we are working to conclude the Arrangement in a timely manner."
In early May, Glencore received a No Action letter from the Competition Bureau of Canada and the U.S. statutory waiting period for antitrust review expired. On May 29, Viterra shareholders approved the arrangement at Viterra's special meeting of shareholders, and two days later the Ontario Superior Court of Justice issued a final order approving the Arrangement under the Canada Business Corporations Act.
Viterra expects the transaction to close by the end of July. However, it is not possible at this time to determine with certainty when the effective date will occur. The closing of the transaction is subject to the satisfaction or waiver of all conditions that are applicable to the Arrangement including the granting of approvals or clearances under the Investment Canada Act and the Australian Foreign Investment Review Board.