Glencore receives approval from the Australian Competition and Consumer Commission for its Plan of Arrangement with Viterra
BAAR, SWITZERLAND, June 7, 2012 /CNW/ - Glencore International plc ("Glencore") today announced that it has received unconditional approval from the Australian Competition and Consumer Commission ("ACCC") for its Plan of Arrangement ("Arrangement") with Viterra Inc. ("Viterra").
Following a review of the proposed acquisition under section 50 of the Competition and Consumer Act 2010, the ACCC stated today that they will not seek to prevent the Arrangement.
The receipt of the ACCC's unconditional approval satisfies one of the final conditions to the closure of the proposed transaction.
Glencore continues to work within the Investment Canada, the Australian Foreign Investment Review Board and the New Zealand Office of Overseas Investment review processes and to pursue all other regulatory approvals required to complete the transaction, which it believes will be of significant benefit to Australian and Canadian farmers and the grains and oilseeds sectors in both countries.
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 received the required support of Viterra shareholders for the acquisition on 29 May when Viterra shareholders passed a special resolution to approve the Arrangement. On 31 May the Ontario Superior Court of Justice issued a final order approving the Arrangement under the Canada Business Corporations Act.
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.
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