January 07, 2013
Number 2 in Lexpert’s Top Deals of 2012 was Glencore’s acquisition of Viterra.
"Agriculture is the new mining," says Torys’ James Scarlett, and in Canada there’s no deal that showcases this development better than global giant Glencore’s acquisition – and simultaneous divesture – of Viterra, all unfolding while Glencore chased its massive merger of fellow global giant Xstrata.
"This was the deal involving never-ending, unexpected twists and turns, from the fast and furious auction process at the beginning of the deal to the dynamics of dealing with a purchaser who has already pre-sold, in some cases, not once, but twice, a chunk of the target’s assets, to the regulatory and political interest, it seemed like we were constantly confronted with situations that were unprecedented or very unusual," says Torys’ Patrice Walch-Watson. "That made for interesting, and challenging days, and nights for the legal team."
Read the full article here.