Glencore International Plc's (GLEN.L,GLNCY.PK,GLCNF.PK) subsidiary's acquisition of Viterra Inc. (VT.TO,VTA.AX) has received final regulatory approval from the Ministry of Commerce of the People's Republic of China. Viterra currently expects the effective date of the Arrangement to be December 17, 2012, as a result of Viterra and Glencore having agreed to extend the date for completion of the Arrangement.
On the effective date of the Arrangement, Glencore would release the funds to be subsequently paid out to shareholders and holders of Viterra's CHESS Depositary Interests or CDIs. The necessary arrangements would be made to delist Viterra from the Toronto Stock Exchange and the Australian Securities Exchange or ASX.
Shareholders would be entitled to receive C$16.25 per share cash following the effective date of the arrangement, and they would receive Canadian dollars unless an election is made to receive payment in Australian dollars. Trading of CDIs on the ASX is planned to be suspended from the open of market on December 11, 2012. This suspension is intended to allow all trades of CDIs on ASX to settle before 6:30 p.m. (Australian Central Standard Time) on December 17, 2012.
by RTT Staff Writer
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