Viterra takeover review period extended

The Canadian Press

Posted: Jun 15, 2012 4:33 PM ET

Last Updated: Jun 15, 2012 4:44 PM ET

Glencore International has agreed to extend by 30 days the review period of its proposed acquisition of Regina-based Viterra, which was to end June 18. (Troy Fleece/Canadian Press)

Industry Canada's review of Glencore International plc's takeover of Regina-based grain handler Viterra Inc. has been extended by a month.

The review period was to end on Monday, but the company says it has agreed with Industry Minister Christian Paradis to add another 30 days to that schedule.

Glencore says it still expects to get all of the regulatory approvals it needs to close the $6.1-billion transaction by the end of July.

Last month the Competition Bureau said it isn't challenging the deal, though it is weighing subsequent sales of Viterra assets to Calgary-based Agrium Inc. and Winnipeg-based Richardson International.

A U.S. statutory waiting period for antitrust review has expired, and Australia's competition watchdog has approved the transaction.

The deal also has the blessings of shareholders and the Ontario Superior Court of Justice.

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