Glencore International PLC’s (LSE:GLEN.L - News) takeover of Viterra Inc (Toronto:VT.TO - News) may close in August, slightly later than expected, the chief executive ofAgrium Inc (Toronto:AGU.TO - News) (NYSE:AGU - News) said on Wednesday, but a source close to Glencore said the company is still working toward closing the deal in July.
The C$6.1-billion ($5.9 billion) takeover requires the Canadian government’s approval, and a competition review of Glencore’s side deals to sell some assets to Agrium and Richardson International Limited will begin after Glencore’s transaction closes, Agrium CEO Mike Wilson told the company’s investors in Chicago.
“We were hoping (Glencore) would close in July, it might drag into August,” Wilson said, who did not say why he thinks the Glencore-Viterra deal might be delayed.
“Can’t wait to get Viterra into the fold.”
Agrium would acquire 232 of Viterra’s Canadian farm-supply outlets, 17 farm outlets in Australia and a minority stake in the Canadian Fertilizers Limited (NYSE:CF - News) plant at Medicine Hat, Alberta, for C$1.15 billion ($1.12 billion).
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