ABB Grain shareholders approve takeover offer from Viterra

Shareholders of Australian agricultural company ABB Grain Ltd. Wednesday voted in favor of a takeover offer by Canadian agribusiness Viterra Inc.

Shareholders approved a constitutional amendment that will allow Viterra to take full control of the company to form a combined entity worth just under A$4 billion.

"All resolutions were passed by majorities comfortably exceeding the required thresholds," ABB said in a statement.

Viterra unveiled the bid for ABB Grain in April, pitching its proposal in a mix of cash, Viterra shares and franked dividends between A$9.00 and A$9.50 a share. If the proposal is accepted at a value of A$9.50 a share, it would value ABB Grain at A$1.64 billion.