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Viterra’s (ASX:VTA) directors have backed a takeover bid from Glencore International.
Both companies have inked an agreement that values Viterra at about $5.7 billion.
Gencore has offered Viterra’s shareholders $C16.25, a 48 per cent premium to its closing price before speculation of the takeover appeared.
If the deal proceeds both companies plan to sell the majority of Viterra’s Canadian assets for $US2.8 billion.
Viterra posted a net profit of $252 million in the 2011 financial year.
