China Approves Glencore International Purchase of Viterra: M&A Update
China’s Ministry of Commerce on Friday approved Glencore International’s (GNCLF.PK) $6 billion acquisition of the Canadian grain handler Viterra (VTRAF.PK), which marks the final regulatory hurdle for the deal that was first set to close back in July. Prior to the approval, speculation had it that China was delaying a decision until the Canadian government made up its mind on a takeover of the Canadian oil producer Nexen (NYSE:NXY) by China’s Cnooc Limited (NYSE:CEO). Upon completion, the purchase will give the buyer an area currently dominated by Archer Daniels Midland Co. (NYSE:ADM), Cargill, and Bunge, also complementing its presence in metals, minerals and oil.
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