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UPDATE 1-Glencore takeover of Viterra to wait as late as Nov. 15
September 26, 2012 / 3:40 PM / 5 years ago

UPDATE 1-Glencore takeover of Viterra to wait as late as Nov. 15

* China’s Ministry of Commerce last needed regulatory nod

* Delay to slow completion of side deals

By Rod Nickel

Sept 26 (Reuters) - Glencore International Plc’s takeover of Canada’s biggest grain handler, Viterra Inc, may not close until as late as Nov. 15 as a review by China’s Ministry of Commerce continues, Viterra said on Wednesday.

The C$6.1-billion ($6.2 billion) deal was originally expected to close by late July, pending regulatory approvals.

China’s MOFCOM is the last regulatory approval required, under the nation’s anti-monopoly law.

The takeover delay would also slow the completion of side deals Glencore has to sell some Viterra assets to Agrium Inc , Richardson International Ltd and CF Industries Holdings Inc.

Glencore has agreed to sell most of Viterra’s Canadian and Australian farm supply stores to Agrium for C$575 million, and some of Viterra’s country elevators, port storage space and processing plants to Richardson for C$900 million.

Glencore would sell Viterra’s minority stake in Canadian Fertilizers Ltd, which is an Alberta nitrogen plant, to the site’s majority owner, CF Industries, for C$915 million.

Agrium would probably complete its deal in early 2013, spokesman Richard Downey said, pending approval by Canada’s Competition Bureau and assuming Glencore completes the Viterra takeover as late as mid-November.

In Toronto, Viterra shares were up 0.1 percent at C$16.09, but still below the Glencore offer of C$16.25, which shareholders have already accepted. Agrium gained 0.4 percent.

Glencore stock was down 2 percent in London, while CF Industries edged up 0.2 percent in New York.

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