* Viterra shares have dipped since mid-October on doubts
* Later closing delays Glencore side deals with Agrium,
Nov 9 Glencore International Plc's
takeover of Canadian grain handler Viterra Inc may not
close until as late as Dec. 10, as the companies must wait
further to clear the final regulatory hurdle.
China's Ministry of Commerce (MOFCOM) continues to review
the C$6.1-billion deal ($6.1 billion) and its approval is not
expected by Nov. 15, the previous closing date, Viterra said in
a statement on Friday.
The deal, one of the largest takeovers in the global
agriculture industry in years, was originally expected to close
by late July. Viterra shareholders overwhelmingly accepted
Glencore's offer of C$16.25 per share in May.
"Glencore and Viterra continue to engage with MOFCOM to
ensure approval as soon as possible," Viterra said.
Concerns about the delays drove Viterra shares to a
seven-month low in late October, although they have since pared
those losses to close Thursday at C$15.72 in Toronto, 3 percent
lower than Glencore's offer.
Some investors have speculated that China is holding off on
a decision until it finds out if the Canadian government will
approve a takeover of Canadian oil producer Nexen Inc
by China's CNOOC Ltd.
The new deadline also delays side deals Glencore has made to
flip some Viterra assets to Agrium Inc ,
Richardson International Limited and CF Industries Holdings Inc