Glencore International plc statement on Informa Economics Report issued by the Government of Saskatchewan
Report reviews the proposed acquisition of Viterra
BAAR, SWITZERLAND, May 11, 2012 /CNW/ - "Glencore welcomes the conclusions of the Informa report released today, and looks forward to reviewing it in further detail. The company has had constructive interaction with the government of Saskatchewan, as we have with other provincial governments. We have also had very constructive interaction with farm groups and look forward to being part of the western Canadian agricultural industry.
Glencore is particularly pleased that benefits to farmers are underscored. As the report says, 'By far, the most important way in which the Glencore acquisition of Viterra and the subsequent divestitures of assets to Richardson and Agrium will impact Saskatchewan farmers is to provide them with additional access to global markets in a post-CWB environment.' And, commenting on the overall transaction, 'it would appear that the opportunities outweigh the risks for Saskatchewan.'
On May 3, Glencore learned that the Canadian Competition Bureau will not challenge the transaction. The US statutory waiting period for antitrust review expired on the same day. Glencore continues to work within the Investment Canada review process and to pursue regulatory approvals required to complete the transaction, which we believe will be of significant benefit to Canadian farmers and the grains and oilseeds sector generally."
About Glencore International plc
Glencore is one of the world's leading integrated producers and marketers of commodities, headquartered in Baar, Switzerland, and listed on the London and Hong Kong Stock Exchanges. Glencore has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of Metals and Minerals, Energy Products and Agricultural Products.
Steven MacKinnon (Media)