Reuters: Regulatory News: Glencore wins Australian approval for Viterra takeover

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Glencore wins Australian approval for Viterra takeover Jul 26th 2012, 22:33 SYDNEY, July 27 | Thu Jul 26, 2012 6:33pm EDT SYDNEY, July 27 (Reuters) - Glencore International Plc , one of the world's largest commodities suppliers, has won approval from Australian regulators for its C$6.1 billion ($6 billion) takeover of grain handler Viterra Inc. The green light from Australia's Foreign Investment Review Board (FIRB) follows approval from Canadian Industry Minister Christian Paradis earlier this month, moving the deal a step closer to completion, though approval is still needed by China's Ministry of Commerce. In March, Glencore offered to pay C$16.25 per share for Viterra, which owns the largest share of Western Canada's grain storage and farm supply outlets, as well as nearly all grain storage capacity in South Australia. Australia's grains handling industry has been the subject of a government review due to concerns about market dominance, particularly in South Australia. "We have noted the process improvement undertakings made by Viterra in its responses to the South Australian Post Harvest Working Group Review in the 2010/11 season and we are committed to implementing them," Chris Mahoney, Glencore's director of agricultural products. "In addition, we intend to work closely with the Australian Competition and Consumer Commission (ACCC) to further refine access arrangements governing South Australian grain ports." Link this Share this Digg this Email Reprints

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