THE final obstacle in Glencore International's takeover of Canadian grain business Viterra has now been cleared.Nine months after the Swiss commodity group lodged a bid for Viterra, the Ministry of Commerce of the People's Republic of China has given its regulatory approval to the sale.
Viterra's shareholders had given their approval to the deal in late May, while the Australian Competition and Consumer Commission announced in early June it would not oppose the takeover.
The Canadian company has substantial grain assets in Australia, having bought the ABB Grain Ltd operations a few years ago.
Viterra president and chief executive Mayo Schmidt welcomed China's approval.
"The approvals over the past months by the Canadian courts, regulators around the world and our shareholders, who voted 99.8 per cent in favour of the deal, demonstrate widespread support for this transaction," Mr Schmidt said.
"I wish Viterra employees and Glencore continued success in the Canadian and Australian agricultural landscape.''
The takeover is expected to be effective from next Monday.