July 31, 2012

Australia approves Glencore's acquisition of Viterra

Glencore International plc has received approval from Australia's Foreign Investment Review Board (FIRB) to proceed with the acquisition of Viterra on July 26.

This completes the Australian regulatory approvals Glencore was required to obtain.

"We are very pleased to have received FIRB approval. For almost 10 years, Glencore has forged close relationships with Australian grain growers. The acquisition of Viterra will strengthen our commitment to the future of the Australian grain industry," said Chris Mahoney, director of agricultural products, Glencore.

"We have noted the process improvement undertakings made by Viterra in its responses to the South Australian Post Harvest Working Group Review in the 2010-11 season and we are committed to implementing them. In addition, we intend to work closely with the Australian Competition and Consumer Commission (ACCC) to further refine access arrangements governing South Australian grain ports."