7th Jun 2012 08:59
BAAR, SWITZERLAND 7 June, 2012
Glencore receives approval from the Australian Competition and Consumer Commission for its Plan of Arrangement with Viterra
Glencore International plc ("Glencore") today announced that it has received unconditional approval from the Australian Competition and Consumer Commission ("ACCC") for its Plan of Arrangement ("Arrangement") with Viterra Inc. ("Viterra").
Following a review of the proposed acquisition under section 50 of the Competition and Consumer Act 2010, the ACCC stated today that they will not seek to prevent the Arrangement.
The receipt of the ACCC's unconditional approval satisfies one of the final conditions to the closure of the proposed transaction.
Glencore continues to work within the Investment Canada, the Australian Foreign Investment Review Board and the New Zealand Office of Overseas Investment review processes and to pursue all other regulatory approvals required to complete the transaction, which it believes will be of significant benefit to Australian and Canadian farmers and the grains and oilseeds sectors in both countries.
On May 3, Glencore learned that the Canadian Competition Bureau will not challenge the transaction. The US statutory waiting period for antitrust review expired on the same day.
Glencore received the required support of Viterra shareholders for the acquisition on 29 May when Viterra shareholders passed a special resolution to approve the Arrangement. On 31 May the Ontario Superior Court of Justice issued a final order approving the Arrangement under the Canada Business Corporations Act.
For further information please contact:
Paul Smith (Investors) t: +41 (0)41 709 2487 m: +41 (0)79 947 1348 | Charles Watenphul (Media) t: +41 (0) 41 709 2462 m: +41 (0) 79 904 3320 | Finsbury (Media) Guy Lamming Dorothy Burwell t: +44 (0)20 7251 3801 |
Elisa Morniroli (Investors) t: +41 (0) 41 709 2818 m: +41 (0) 79 833 0508 | Simon Buerk (Media) t: +41 (0)41 709 2679 m: +41 (0)79 955 5384 | |
Canada Mary Keating (Media) H+K Strategies m: 416-294-1817 | Australia Angus Urquhart (Media) Hintons m: +61 402 575 684
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About Glencore International plc
Glencore is one of the world's leading integrated producers and marketers of commodities, headquartered in Baar, Switzerland, and listed on the London and Hong Kong Stock Exchanges. Glencore has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of Metals and Minerals, Energy Products and Agricultural Products.
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