Australian federal court approves Viterra's acquisition of ABB Grain
11 Sep 2009
The Federal Court of Australia has cleared a scheme that will enable Canadian agribusiness Viterra to take over Australian grains marketer ABB Grain. The court approval comes in the wake of Australian shareholders acceptance of the deal at meetings held on Wednesday.
In meetings held in Adelaide on Wednesday, ABB Grain shareholders voted in favour of Viterra's proposed $1.6 billion acquisition.
ABB Grain has the necessary legal, regulatory and shareholder consents to merge with Viterra.
The orders of the court will be lodged with the Australian regulator, Australian Securities & Investments Commission.
Viterra said the Australian Securities Exchange would suspend trading in ABB Grain shares at the close of trading on 11 September.
The acquisition will see the new entity emerge as one of the largest exporters of wheat, canola and barley.
