King & Wood Mallesons has acted for long-time client Glencore International on its strategic acquisition of Canadian based grain handler Viterra for $C6.1 billion (approximately A$5.9 billion).
The purchase of Viterra’s tier 1 portfolio of assets in Australia and Canada will squarely position Glencorp as one of the world’s largest commodity suppliers and a leader in the global grain and oilseeds markets.
Viterra owns more than half the grain-export capacity in Canada and the complex transaction involved negotiating with Canadian partners to secure approval from Investment Canada. It also owns ports in South Australia which serves as a key gateway to growing markets in Asia.
Under the deal, Glencore will acquire all of the issued and outstanding shares of Viterra for C$16.25 a share through a scheme of arrangement fully funded by Glencore’s existing cash resources and available credit facilities.
Glencore already has a significant presence in Australia, the second largest wheat exporter behind the US, with a major grain trading operation with 50 employees.
The King & Wood Mallesons team was led by partner Nicolas Pappas who was assisted by Senior Associate Paul Schroder. The rest of the team included partner Sharon Henrick who advised on anti-trust issues, Partner David Eliakim who provided corporate advice, Special Counsel Malcolm Brennan who advised on the FIRB related aspects and Partner Justin Cherrington who provided tax advice.
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