Chinese regulators have approved the long hung-up acquisition of Canada’s Viterra Inc. by Glencore International PLC, which will put smiles on some faces at Canaccord Financial and Nexen Inc.
The Chinese approval was the last one standing between Glencore and finally closing the transaction.
Canaccord was the lead banker for Viterra, and so stands to collect a very big cheque for its work. Given the size of the purchase, at $6.1-billion, the transaction should generate something on the order of $25-million for Canaccord. Toronto-Dominion Bank is also in line for a similar fee as the co-advisor on the deal.