ADM's bid for 100% of GrainCorp denied
US grain company Archer Daniels Midland (ADM) has been prevented from taking 100% ownership of eastern Australia’s largest grain company, GrainCorp, because the takeover isn’t in Australia’s interest.
Treasurer Joe Hockey’s announcement will bring relief to many grain growers who were concerned that the proposed $3.4 billion acquisition could limit their access to grain storage, logistics and the distribution network as GrainCorp currently handles about 85% of eastern Australia’s bulk grain exports at its ports network.
Hockey expressed his wish that ADM will demonstrate its commitment to the Australian grains industry with continued investment. ADM currently owns nearly 20% of GrainCorp and Hockey would like to see the company increase its shareholding in GrainCorp up to 24.9%.
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