ABB merger with Viterra gets go ahead
CANADIAN agribusiness giant Viterra has taken control of ABB Grain following a vote by shareholders in favour of the merger at a special meeting in Adelaide this morning.
At the scheme of arrangement meeting in Adelaide, 60.4per cent of shareholders voted in favour of the deal, with 83.5pc of the total number of votes cast for the proposal.
The vote was conditional on the 15pc shareholding cap being removed, which is a formality now that the takeover is proceeding.
Viterra needed a majority of ABB Grain shareholders - 50pc plus one - to vote for the deal, together with at least 75pc of the total number of votes cast.
More than 300 people packed the meeting room at the Holiday Inn for the decision.
While the numbers were eventually in favour of a merger, initially it appeared to have been a big ask.
But with just 40 shareholders holding more than 50pc of total issued capital in ABB Grain, only a small number of people needed to be convinced of the deal's merits.
Shareholders were offered a consideration of $4.35/share in cash, plus a 41c/share ABB Grain special dividend, as well as 0.4531 Viterra shares or Viterra CDIs for each ABB Grain share.
ABB shares were placed in a trading halt on the Australian Securities Exchange while today's meeting was held, with shares last traded this morning at $9.08.
* Full report in Stock Journal, September 10 issue.