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No resistance from Canadian, U.S. competition watchdogs
Swiss commodity giant Glencore International has received the all-clear from Canadian and U.S. antitrust watchdogs to buy Canada?s largest grain handler.
Glencore reported Friday it has received a ?no action? letter from the office of Melanie Aitken, Canada?s commissioner of competition on its proposed takeover of Viterra.
The letter, dated Thursday (May 3),?indicat(es) that she does not intend to oppose completion of the previously announced acquisition of Viterra? by Glencore at this time,? Glencore said in a statement.
Aitken?s letter satisfies one of the conditions Glencore needs to conclude its $6.1 billion proposal to buy Viterra.
The company then plans to sell substantial portions of Viterra?s assets to Canada?s No. 2 handler, Richardson International, and to fertilizer and ag retail giant Agrium.
Glencore on Friday also noted that the waiting period in the U.S. under that country?s Antitrust Improvements (Hart-Scott-Rodino) Act expired the previous day.
The Hart-Scott-Rodino Act requires parties to ?large mergers and acquisitions? to file pre-merger notification with the U.S. Federal Trade Commission and Department of Justice. During the ?waiting period? that follows, the two antitrust enforcement agencies analyze the likely competitive effects of the proposed transaction.
The parties may not close a deal until either the waiting period outlined in the Act has expired or the U.S. government grants ?early termination? of the waiting period.
Still to come
As a foreign takeover, Glencore?s planned purchase of Viterra still requires federal government approval and a positive vote from Viterra?s shareholders.
Read more at http://agcanada.com/daily/glencoreviterra-marriage-clears-regulators/
Swiss commodity giant Glencore International has received the all-clear from Canadian and U.S. antitrust watchdogs to buy Canada?s largest grain handler.
Glencore reported Friday it has received a ?no action? letter from the office of Melanie Aitken, Canada?s commissioner of competition on its proposed takeover of Viterra.
The letter, dated Thursday (May 3),?indicat(es) that she does not intend to oppose completion of the previously announced acquisition of Viterra? by Glencore at this time,? Glencore said in a statement.
Aitken?s letter satisfies one of the conditions Glencore needs to conclude its $6.1 billion proposal to buy Viterra.
The company then plans to sell substantial portions of Viterra?s assets to Canada?s No. 2 handler, Richardson International, and to fertilizer and ag retail giant Agrium.
Glencore on Friday also noted that the waiting period in the U.S. under that country?s Antitrust Improvements (Hart-Scott-Rodino) Act expired the previous day.
The Hart-Scott-Rodino Act requires parties to ?large mergers and acquisitions? to file pre-merger notification with the U.S. Federal Trade Commission and Department of Justice. During the ?waiting period? that follows, the two antitrust enforcement agencies analyze the likely competitive effects of the proposed transaction.
The parties may not close a deal until either the waiting period outlined in the Act has expired or the U.S. government grants ?early termination? of the waiting period.
Still to come
As a foreign takeover, Glencore?s planned purchase of Viterra still requires federal government approval and a positive vote from Viterra?s shareholders.
Read more at http://agcanada.com/daily/glencoreviterra-marriage-clears-regulators/