Ottawa, July 15, 2012—The Honourable Christian Paradis, Minister of Industry, today made the following statement regarding the acquisition of Viterra Inc. by Glencore International plc:
"I have approved Glencore's application under the Investment Canada Act to acquire control of Viterra.
"I approve an application under the Act if I am satisfied that the investment is likely to be of net benefit to Canada.
"In making my determination, I carefully consider the plans, undertakings and other information submitted by the investor in light of the net benefit factors listed in section 20 of the Act.
"Glencore has made a number of commitments to Canada. These are described in its press release issued on July 15, 2012."
"The approval of this transaction demonstrates that our investment policies are working, helping to create jobs, growth and long-term prosperity."
For further information (media only), please contact:
Director of Communications
Office of the Honourable Christian Paradis
Minister of Industry