Glencore takeover of Viterra may close in July

Mon Apr 23, 2012 2:11pm EDT
 
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(Reuters) - A takeover of Canada's biggest grain handler, Viterra Inc VT.TO, by Glencore International PLC (GLEN.L: Quote), should close by the end of July if it receives the required approvals, Viterra said on Monday.

Viterra's shareholders will vote on May 29 at a special meeting in Calgary, Alberta, on Swiss-based Glencore's C$6.1 billion ($6.13 billion), or C$16.25 a share, offer. The company's biggest shareholder, Alberta Investment Management Corp, and directors and executives have agreed to vote for the deal with their shares representing 16.5 percent of Viterra.

The deal also requires approval by Canada's Competition Bureau and, because it is a foreign takeover, by the Canadian government.

Glencore plans to sell some of Viterra's assets to two Canadian companies, Richardson International Ltd and Agrium Inc. (AGU.TO: Quote)

($1=$0.99 Canadian)

(Reporting by Bangalore Equities Newsroom and Rod Nickel in Winnipeg; Editing by Peter Galloway)