Australian regulator allows Viterra/ABB merger

Viterra and Australia’s ABB Grain have cleared one regulatory hurdle toward the Canadian grain handler sealing its $1.4 billion takeover deal.

Australia’s Foreign Investment Review Board (FIRB) has advised Viterra that FIRB has no objections to “the proposed scheme of arrangement” between Viterra and Adelaide-based ABB, in terms of Australia’s government policy on foreign investment.

But the deal remains subject to “other regulatory, shareholder and court approvals, as well as other conditions,” Regina-based Viterra said in a release Wednesday.

Viterra’s $1.4 billion cash-and-stock offer got approval last month from both companies’ boards of directors.

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