Glencore closes in on Vittera

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The commodities giant Glencore has moved a step closer to getting its hands on the Canadian wheat and grains firm Vittera as takeover talks reached a crucial stage.

Vittera confirmed yesterday it is in "exclusive negotiations" with a buyer but declined to name the suitor. Glencore and two Canadian agricultural firms, Agrium and Richardson International, are thought to be behind the move for Vittera, which is valued at C$6bn (£3.8bn). There is speculation is that Glencore would be the main buyer and then sell off parts to the two other firms.

Trading in Vittera shares was suspended in Toronto ahead of a decision, with an announcement possible today. Glencore declined to comment. Shares in Glencore rose 2.2p to 420.45p.