Dual listed grain handler Viterra (ASX:VTA) has been given the green light by Australia’s competition authority on the proposed acquisition of Viterra from Glencore international.
The Australian Competition and Consumer Commission chairman says, “the proposed acquisition would be unlikely to lessen competition as post merger Glencore would continue to face competition from a number of significant competitors in the market for grain trading in South Australia.”
Viterra’s shareholders have overwhelmingly backed the friendly takeover offer from the Swiss commodities giant.
Viterra posted a net profit of $252 million in the 2011 financial year.