Viterra stockholders vote on Glencore bid next month

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Stockholders in Canada?s largest grain handler are booked to vote with their shares in Calgary next month on a takeover bid from Swiss commodity giant Glencore.

Regina-based Viterra on Monday filed papers with federal securities regulators to announce a meeting of its security holders at an as-yet-unnamed venue in Calgary on May 29.

The proposed deal calls for Glencore, partnering with Canadian agribusinesses Richardson International and Agrium, to pay $6.1 billion for Viterra and carve up its assets three ways.

The deal still awaits approval from courts and the federal government, a review by the Saskatchewan government and an examination by the Competition Bureau of Canada.

At the shareholders? meeting next month, Glencore will need the approval of at least 66.67 per cent of the holders of Viterra shares, represented in person or by proxy.

The Glencore bid already has the blessing of Viterra?s largest shareholder, Edmonton-based pension and endowment management firm Alberta Investment Management Corp.

AIMCo said last month it has pledged its 16.5 per cent stake in favour of the deal.

The takeover bid, if approved, will see Glencore pay $16.25 per share, cash, for all Viterra?s shares, then sell most of Viterra?s retail agri-products business and its 34 per cent stake in Canadian Fertilizer Ltd. to Calgary-based Agrium for $1.8 billion.

More at http://agcanada.com/daily/viterra-stockholders-vote-on-glencore-bid-next-month/
 
 
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