Glencore Nears Deal to Buy Viterra |
| Wall Street Journal - Mar 19, 2012 |
Glencore International AG 0805.HK +1.59%is nearing a deal to purchase Canadian agribusiness company Viterra Inc., VT.T -1.48%according to a person familiar with the matter.
Viterra—currently trading at a market capitalization of just above 6 billion Canadian dollars ($6 billion)—is moving forward with a process begun earlier in the month to explore bids.
Viterra shares were briefly halted in Toronto trading early Monday. After Viterra issued a statement confirming exclusive discussions with an unnamed third party, shares resumed trading around noon, slipping about 1%. The stock closed Friday at C$16.21 and has soared 48% since the takeover speculation first surfaced.
Glencore, a commodities trading giant based in Switzerland, had been seen as a likely bidder for Viterra ever since the Regina, Saskatchewan, company first disclosed it had received expressions of interest earlier this month. Last week, the company said it had set up a formal process to evaluate bids.
Read Full Article from Wall Street Journal
- Posted: 2012-03-19 12:43:03
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