Viterra is pushing ahead with its takeover of South Australia's ABB Grain after lodging an application with the Foreign Investment Review Board and gaining clearance from the competition regulator.
But The Australian Financial Review reports that the key fight for ownership is still to come, with the Canadian-based suitor needing shareholders to alter terms of ABB's constitution to remove a shareholder cap as well as vote in favour of the $1.6 billion offer.
ABB's directors are in favour of the takeover and the barley-exporting company has appointed KPMG to provide an independent's expert's report that it hopes will support its recommendation for the offer valued between $9.11 and $9.41.
The Australian Competition and Consumer Commission confirmed yesterday it would not oppose the takeover of Australia's second-largest wheat exporter and the country's biggest barley handler.
Email a friend