Australia approves Glencore takeover of Viterra

City A.M. Reporter
Australia's competition regulator approved a friendly takeover bid by Swiss commodities trader Glencore International of Viterra, clearing another hurdle for the biggest deal in years in the global agricultural sector.

Glencore offered Viterra C$16.25 per share, or C$6.lbn, in March for the company, which owns the biggest share of Western Canada's grain storage and farm supply outlets, as well as nearly all grain storage capacity in South Australia.

The deal would be unlikely to substantially lessen competition as post merger Glencore would continue to face competition from a number of significant competitors in the market for grain trading in South Australia, the ACCC said.