June 15, 2012 / 8:33 PM / in 5 years

Canada to extend review of Glencore-Viterra deal

(Reuters) - Swiss commodities trader Glencore International PLC (GLEN.L) said on Friday it has agreed to an extension of the Canadian government’s review of its proposed takeover of Viterra Inc VT.TO, Canada’s biggest grain handler.

The government’s review will determine whether the takeover is of “net benefit” to the country, and is necessary before the C$6.1-billion ($6 billion) deal can close.

The review period will be extended by 30 days past the initial review period, which will end on June 18, Glencore said in a statement.

Glencore said it still expects the deal to close by the end of July. Glencore then plans to sell some Viterra assets to Richardson International Ltd and Agrium Inc (AGU.N) (AGU.TO), pending regulatory approval.

($1=$1.02 Canadian)

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

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