Viterra shares hit 7-month low as Canada rejects takeovers
* Glencore takeover of Viterra awaits China approval
* Canada weighing Chinese bid for oil producer Nexen
* Canada rejected 2 takeover bids last week
By Rod Nickel
Oct 22 (Reuters) - Shares of grain handler Viterra Inc dropped to a seven-month low on Monday, caught in the downdraft of a selloff related to two rejected takeovers of Canadian companies, observers said.
The Toronto Stock Exchange's S&P/TSX composite index dropped 0.5 percent in early afternoon trading Monday, as Canada's rejection of a foreign bid for Progress Energy Resources Corp rippled through energy stocks and tempered gains in mining stocks.
Viterra shares dropped by as much as 2.2 percent.
That continued a steep two-day selloff that started Friday after Canada's broadcast regulator vetoed a C$3-billion takeover by BCE Inc of Astral Media.
Viterra's lowest-traded price of C$15.65 was the lowest since before Glencore International PLC bid C$6.1 billion ($6.2 billion) for Viterra in March. Continued...