Glencore (GLCNF.PK) receives approval from China's Ministry of Commerce for its C$6.1B acquisition of Canadian grain handler Viterra (VTRAF.PK), clearing the last regulatory hurdle for the long-delayed deal. Viterra says it now expects the deal to be finalized on Dec. 17.
The Chinese government is treating its role in potential takeovers (I, II) of Canadian companies Nexen (NXY) and Viterra (VTRAF.PK) separately, and is not linking them to exert pressure to approve a deal between China's Cnooc (CEO) and Nexen, Canada's agriculture minister says: "One is an investment into their country... The other is an investment into Canada."
Glencore's (GLCNF.PK) takeover of Canadian grain handler Viterra (VTRAF.PK) may not close until as late as Dec. 10, as China's Ministry of Commerce continues to review the $6.1B deal. Speculation is that China is delaying until Canada decides on whether to approve Cnooc's takeover of Nexen. Also affected are Glencore's side deals to flip some Viterra assets to Agrium (AGU), CF Industries (CF) and others.
Two influential Canadian farm groups will urge the country's Competition Bureau to scale back Agrium's (AGU) proposed $1.15B purchase of Viterra (VTRAF.PK) farm supply outlets, saying the company might become too powerful in the sale of fertilizer and other crop supplies. AGU would become Canada's dominant retail seller of fertilizer, seed and chemicals.
Canada's Saskatchewan will review Glencore's proposed $6.2B purchase of Viterra (VTRAF.PK), Premier Brad Wall says. It was Wall's opposition to BHP's $39B buy of Potash Corp. that helped scupper that deal, although Glencore's commitment to sell some Viterra units to Canada's Richardson and Agrium (AGU) should allay various patriotic sensibilities.
More on Glencore/Viterra deal: Glencore is paying a 48% premium on Viterra's (VTRAF.PK) close in Toronto on March 8 - the day before the latter said it had suitors - to buy all its outstanding shares. Agrium and Richardson are paying a combined C$2.6B to acquire various Viterra assets. (PR)
While Agrium is buying Viterra's (VTRAF.PK) Agri-products business, Glencore agrees to buy Viterra itself for C$16.25/share, or C$6.1B. Richardson will buy 23% of Viterra's Canadian grain handling assets, certain agri-centres and some processing assets for $800M.
Agrium (AGU) confirmsearlier speculation that it's buying Viterra's (VTRAF.PK) Agri-products business in a deal that includes picking up close to 90% of Viterra's Australian retail facilities. Shares +0.9% premarket.
Glencore (GLCNF.PK) is close to a deal to purchase Canadian agribusiness Viterra (VTRAF.PK), WSJ reports; Viterra shares are halted ahead of an announcement. Additional details are unclear, but Glencore has previously been linked in its quest for Viterra with Agrium (AGU) and Richard International, which would take parts of the business Glencore doesn't want.
Glencore (GLCNF.PK) is reportedly in talks with Agrium (AGU) and Richardson International to combine forces and bid for Viterra (VTRAF.PK +8.9%). The plan is to split the firm into 3 parts, with Glencore taking the grain business, Agrium fertilizer, and Richardson food processing. (earlier)
Viterra (VTRAF.PK) moves up 9% in Toronto before a trading halt screeches the advance to a stop. Potential acquirers for the company will have to offer at least $16.13 a share to get a chance to access the firm's data, according to dealReporter. Bidders include Archer Daniels Midland (ADM), Noble Group, Bunge (BG), and Glencore (GLFCNF.PK).
Glencore (GLCNF.PK) has reportedly made a £3.5B ($5.5B) offer for Canadian grain handler Viterra (VTRAF.PK). Viterra issued a statement on Friday that it had received expressions of interest from third parties, but declined to identify the companies.
In a surprise bid, Agrium (AGU) offers $1.1B in cash to buy Australia's AWB, edging out an offer from GrainCorp (GRCLF.PK). A deal would add to recent consolidation in Australia's grain industry, and could prompt a counteroffer from GrainCorp or other interested firms, possibly including Canada's Viterra (VTRAF.PK). AWB +30% in Aussie trading.