Glencore officials were in Regina last week meeting with farm groups and government officials.
It could be the end of July or early August before Glencore International gets the regulatory approval it needs to proceed with it’s 6 billion dollar purchase of Viterra assets.
“I firmly believe we're the right company to run this business. I think we'll be very good custodians of the assets," said Chris Mahoney Glencore's Director of Agricultural Products who is optimistic the deal will proceed, “We're very farmer focused, we have the financial where with all and the willingness to not only deploy working capital to buy the crop but also to maintain and upgrade and expand the assets base.”
Mahoney adds all of the paperwork has been filed for shareholder and regulatory approval, “Assuming we get shareholder approval, we think we will, we hope that regular preapproval will be recieved by late July, early August at the latest.”
If the deal does go through Glencore will retain some of Viterra’s assets giving it a 35 percent market share. The company also has agreements in place to sell some of the assets to Richardson International and Agrium.
Shareholders will meet in Calgary May 29th to vote on Glencore Internationals 6 billion dollar purchase of Viterra assets.