Viterra stockholders back Glencore takeover

aginfo

Junior Member
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692
#1
Shareholders in Canada?s largest grain company have voted almost unanimously in favour of a deal that will see them sell their shares to commodity giant Glencore International.

Votes cast by Viterra shareholders, meeting Tuesday in Calgary, were 99.8 per cent in favour of the deal, which will see them sell their shares to Glencore for $16.25 each.

"The result of today?s vote demonstrates strong support for this transaction from Viterra?s shareholders," Viterra CEO Mayo Schmidt said in a release.

The company?s shareholders, he said, "are being rewarded for their support of our company and its contributions to our employees and communities in which we live and operate."

Hailing the shareholders? response to the deal, Glencore?s director of agricultural products, Chris Mahoney, said in a separate release that Glencore looks forward to "contributing to the expansion of the grains and oilseeds sector in those communities now served by Viterra, in Canada, Australia and elsewhere."

The two companies? next step toward closing the sale is approval by way of an order from the Ontario Superior Court of Justice. That order, the companies said, is "expected to be sought" on Thursday.

"Certain regulatory and other approvals" are also required, Viterra said. The company didn?t specify which approvals, but the federal government hasn?t yet said yea or nay to the deal, as per the Investment Canada Act?s rules on major takeovers by foreign firms.

Glencore said Tuesday it "continues to work within the Investment Canada review process and to pursue regulatory approvals required to complete the transaction."

The federal Competition Bureau and its U.S. counterparts have already indicated they won?t oppose Glencore?s $6.1 billion takeover.

However, the Competition Bureau still must rule on two related deals, in which Glencore will sell certain Viterra assets to Canada?s No. 2 grain handler, Winnipeg?s Richardson International for $800 million, and to Calgary-based fertilizer and ag retail giant Agrium for $1.8 billion.

More at http://www.agcanada.com/daily/viterra-stockholders-back-glencore-takeover/
 

notafarmer

Junior Member
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275
#2
Canada?s biggest grain handler has cleared a legal hurdle on its way to the altar where Swiss commodity giant Glencore awaits.

The Ontario Superior Court of Justice on Thursday issued its "final order" approving the merger of Viterra into Glencore as per the Canada Business Corporations Act, Viterra said in a release.

The court?s approval follows an endorsement of the deal from 99.8 per cent of Viterra?s voting shareholders, who met Tuesday in Calgary to vote on Glencore?s $16.25 per share, $6.1 billion offer.

"Certain regulatory and other approvals" are still required, Viterra said Tuesday. The federal government, for one, hasn?t yet said yes or no to the deal, as per the Investment Canada Act?s rules on major takeovers of Canadian companies by foreign firms.

Glencore said Tuesday it "continues to work within the Investment Canada review process and to pursue regulatory approvals required to complete the transaction."

The Australian Competition and Consumer Commission must also rule on the proposal, given Viterra?s grain handling network in South Australia.

The ACCC, on its website, has now proposed June 7 as the date for announcement of its findings. The commission had said earlier it expected to rule on the proposal on May 24, but postponed after requesting "further information from the parties."

The sale is expected to close by the end of July, Viterra reiterated Thursday, "although this date is not certain and may change."

More at http://www.agcanada.com/daily/glencores-proposal-for-viterra-gets-court-blessing-2/
 

notafarmer

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275
#3
Viterra Announces Record Second Quarter Results

CALGARY, ALBERTA--(Marketwire - June 12, 2012) - Viterra Inc. ("Viterra") (VT.TO) (VTA.AX) announced today impressive results for the second quarter of fiscal 2012. EBITDA was a record $185 million for the quarter, an improvement of 43% compared to $129 million in the second quarter of fiscal 2011 as all three business segments reported improvements in the quarter. Net earnings more than doubled to $67 million ($0.18 per share) compared to $30 million ($0.08 per share) in the same three month period last year.

"Viterra continues to deliver robust results, demonstrating the strength of the Company's integrated business model and dedicated employees around the world," commented Mayo Schmidt, Viterra's President and CEO. "We are very proud of the successful business we have built and the contribution we have made to the industry and the communities in which we operate. Viterra's value has been recognized by our global agricultural peers with the recent acquisition interest and the significant premium being paid by Glencore to acquire the Company."

More at http://finance.yahoo.com/news/viterra-announces-record-second-quarter-120500726.html
 

notafarmer

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275
#4
Feds get extension on review of Viterra takeover

Canada?s government has agreed with Glencore International on an extension of the federal review period for the Swiss commodity giant?s proposed friendly takeover of Viterra.

A federal government review and approval are required for takeovers of larger Canadian companies under the Investment Canada Act. The government?s approval period had been originally set to run until Monday (June 18), Glencore said Friday.

Glencore said it has agreed with Industry Minister Christian Paradis on a 30-day extension.

The extension notwithstanding, the company said it "remains focused on achieving all regulatory approvals? in time for the closing of the transaction which is expected to be by the end of July 2012."

Glencore?s proposed takeover of Canada?s largest grain handler still also requires the approvals of the Australian government as per that country?s Foreign Acquisitions and Takeovers Act, and the New Zealand Office of Overseas Investment.

Competition regulators in Canada, the U.S. and Australia have already said they won?t oppose the takeover.

More at http://www.agcanada.com/daily/feds-get-extension-on-review-of-viterra-takeover/
 
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