Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, December 20, 2012

Richardson gets Canada nod to purchase some Glencore assets, (TSE: VT.TO)

Canadian grain handler Richardson International Ltd said on Thursday it has received approval from Canada's Competition Bureau for its C$800-million ($808 million) purchase of some country elevators, port grain-terminal space and processing plants from Glencore International PLC.Privately held Richardson said it plans to close the transaction, which involves some of the assets Glencore acquired in its C$6.1-billion takeover of Viterra Inc this month, as soon as possible in 2013.The takeover of Viterra and the break-up of its parts will leave Glencore and Winnipeg-based Richardson as roughly equal-sized grain handlers in Western Canada, each with about one-third of the region's grain-handling capacity.From Glencore Richardson will get 19 elevators and attached farm retail centers, a 25 percent interest in the Cascadia terminal at Port Metro Vancouver, a port storage terminal at Thunder Bay, Ontario, as well as several oat processing plants and a wheat mill.

Viterra, Inc. is a Canada-based Company that provides ingredients to global food manufacturers. Shares of VT remained unchanged at $16.24. In the past year, the shares have traded as low as $10.02 and as high as $16.25. On average, 2115620 shares of VT.TO exchange hands on a given day and today's volume is recorded at 324365.