Glencore awaits China approval on Viterra deal

The proposed takeover of Canada’s largest grain handling company has been pushed back by another month.

Officials with Switzerland-based Glencore International confirmed last week that the proposed takeover of Viterra will not happen until sometime in September.

The deal has received necessary regulatory approvals in Canada, Australia and other countries but it still needs approval from China’s ministry of commerce (MOFCOM).

The Chinese review process is taking longer than initially expected.

Officials with Glencore and Viterra had initially hoped that all regulatory approvals would be in place before the end of July and that the takeover deal would be concluded before the end of the 2011-12 crop year.

Viterra reached an agreement in March to sell its global assets to Glencore for approximately $6.1 billion.

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