CALGARY — Viterra Inc. (TSX:VT) has called a special meeting of shareholders for late next month to vote on the proposed $6.1-billion takeover of the company by Swiss-based Glencore International.
The Calgary-based grain handling, agri-products and processing company said the meeting would be held May 29 in Calgary.
The record date for determining shareholders entitled to vote at the special meeting has been fixed at the close of business April 23, the company said in a release.
Glencore, through an indirect subsidiary, has agreed to acquire all of Viterra’s outstanding shares at a price of $16.25 in cash per share.
The company shareholder, Alberta Investment Management Corp., together with Viterra’s directors and executive officers have agreed to support the arrangement and vote their shares in favour. They collectively own or exercise control or direction over approximately 16.5 per cent of Viterra’s shares.
The takeover by a foreign company has come under government scrutiny because potential effects on the Canadian market.
However, much of the business would remain in Canadian hands because under the deal Calgary-based Agrium Inc. (TSX:AGU) and privately held Richardson International, based in Winnipeg, would buy the majority of Viterra’s Canadian assets for a combined $2.6 billion in cash.
Viterra has operations across Canada, the United States, Australia, New Zealand and China, as well as a growing international presence that extends to offices in Japan, Singapore, Vietnam, Switzerland, Italy, Ukraine, Germany, Spain and India.
It operates in three distinct business segments, grain handling and marketing, agri-products and processing.
Glencore is one of the world’s leading integrated producers and marketers of commodities, with worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of metals and minerals, energy products and agricultural products.