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Glencore Agrees $6.15 Billion Deal for Canada’s Viterra

Bloomberg - Mar 20, 2012

Glencore International Plc (GLEN), the largest publicly traded commodity supplier, agreed to buy Viterra (VT) Inc. for C$6.1 billion ($6.15 billion) to add grain assets in Canada and Australia as growth in Asia boosts demand.

Glencore will pay C$16.25 a share, the companies said in a statement today. Glencore agreed to the deal in partnership with Agrium Inc. (AGU) and Richardson International Ltd., which will buy the majority of Viterra’s Canadian and other assets for about C$2.6 billion in cash, according to the statement.

“While the timing of this acquisition is somewhat surprising in light of Glencore’s ongoing attempt to merge with Xstrata, the strategic rationale is not,” Christopher LaFemina and Seth Rosenfeld, analysts at Jefferies Group Inc., wrote in a report today. “We believe this accretive transaction is a modest positive.”

The offer is 48 percent above Regina, Saskatchewan-based Viterra’s closing price of C$10.98 on March 8, the day before it said it had received expressions of interest, according to the statement. Baar, Switzerland-based Glencore plans to fund the acquisition through cash and available credit facilities, it said.

Read Full Article from Bloomberg

- Posted: 2012-03-20 14:02:57

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