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Ottawa will have a say in Glencore-Viterra deal
March 20, 2012 / 7:57 PM / 6 years ago

Ottawa will have a say in Glencore-Viterra deal

OTTAWA, March 20 (Reuters) - Canada’s industry ministry will review the C$6.1 billion ($6.2 billion) takeover of grain handler Viterra by Glencore International and has been informed Glencore will file an application for approval soon, a government spokesman said on Tuesday.

Under Canada’s foreign investment law, any large acquisition of a Canadian company by a foreign investor is subject to a government review to determine whether it is of “net benefit” to the country.

“The investor has informed officials that an application will be filed soon,” said Michel Cimpaye, a spokesman for Industry Canada.

“The minister of industry only approves an application where he is satisfied that an investment is likely to be of net benefit to Canada,” he said.

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