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.
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.
SOURCE Glencore International plc
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