Shareholders approve Viterra buyout
CBC News
Posted: May 29, 2012 11:54 AM CST
Last Updated: May 29, 2012 11:48 AM CST
Shareholders of Viterra have accepted a $16.25 a share takeover bid from Glencore Ltd. (Troy Fleece/Canadian Press)
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Shareholders of Canadian grain company Viterra have approved a takeover bid by Swiss commodities giant Glencore Ltd.
A spokesman for Viterra, which has head offices in Regina and Calgary, said Tuesday the deal was "overwhelmingly" approved by shareholders.
The deal is worth $6.1 billion, or $16.25 a share.
Because it involves Canada's largest grain handler, the deal has attracted the attention of federal and Saskatchewan governments.
Glencore has said it will keep Viterra's Regina headquarters and move some executive jobs from Calgary back to Regina.
A Saskatchewan government review said the deal has a number of positive aspects for Saskatchewan, but also raised some concerns that farmers might pay higher fertilizer prices down the line.
The takeover will still need to be approved by the federal government.
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