Glencore takeover of Viterra gets final approval
The Swiss company Glencore has cleared the final hurdle in its takeover of Saskatchewan's Viterra Inc.
In May, Viterra shareholders voted in favour of selling the company to Glencore for $6.1 billion, but the deal needed to get approval from all the countries where Viterra operated.
Glencore expected to get all of the regulatory approvals it needs to close the transaction by the end of July.
Canada, Australia, United States and New Zealand had all given their approval, but Gencore was still waiting for China to sign off on the deal.
These countries had to make sure the takeover wouldn't control too much of their grain handling market.
China has now given its approval to the sale, meaning the deal will officially go through in a week-and-a-half. It should be finalized on Dec. 17.