Glencore International plc - Regulatory update
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BAAR, Switzerland, Nov. 9, 2012 /CNW/ - Glencore International plc (Glencore) notes the announcement by Viterra Inc. (Viterra). The sole remaining regulatory approval condition required to close Glencore's acquisition of Viterra is the approval of the Ministry of Commerce of the People's Republic of China (MOFCOM) under the Chinese Anti-Monopoly law.
As Viterra's announcement states, Glencore and Viterra continue to engage with MOFCOM to ensure approval as soon as possible. The ongoing review process continues to advance. However, MOFCOM's approval is no longer expected to be obtained in time to facilitate a closing of the acquisition by November 15, 2012.
In order to accommodate MOFCOM's review process (the waiting period under the Anti-Monopoly law expires on December 9, 2012) and to allow sufficient time to facilitate closing, Glencore and Viterra have further extended the outside date for completion of the acquisition to the latest to occur of (i) December 10, 2012, and (ii) the third business day after MOFCOM's approval is obtained if that approval is obtained on or prior to December 10, 2012.
Glencore will update the market in due course in relation to MOFCOM's approval and when it expects the closing of the acquisition to occur.
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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SOURCE: Glencore International plc
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CO: Glencore International plc ST: Ontario NI: MNG OIL AGR MNA
-0- Nov/09/2012 13:48 GMT