Australia rejects ADM's proposed GrainCorp buyout

Posted:

The Australian government has rejected Archer Daniels Midland Co.'s bid to acquire grain handler GrainCorp Ltd, saying the proposed buyout would be contrary to the national interest.

 

ADM, which owns a nearly 20 percent stake in GrainCorp, offered to buy the remaining 80 percent interest in the company last year. A sweetened offer in May amounted to 12.20 Australian dollars ($12.63) a share in cash, giving all of GrainCorp a value of 3.4 billion Australian dollars.

 

In a statement, Australian Treasurer Joe Hockey concluded that it isn't the right time for a foreign company to acquire full ownership of an Australian grain business.

 

ADM management expressed disappointment in the decision.

Current Conditions
/
  • Current Events

  • Current EventsMore>>

  • 2018 Winter Olympic Games listings

    2018 Winter Olympic Games listings

    These listings, which are subject to change, offer daily highlights of the XXIII Olympic Winter Games from PyeongChang, South Korea, programming across NBC, NBCSN, CNBC, USA Network, Olympic Channel: Home of Team USA, NBCOlympics.com, and the NBC Sports app.

    More \232a

    These listings, which are subject to change, offer daily highlights of the XXIII Olympic Winter Games from PyeongChang, South Korea, programming across NBC, NBCSN, CNBC, USA Network, Olympic Channel: Home of Team USA, NBCOlympics.com, and the NBC Sports app.

    More \232a
  • Agribusiness Today

    Agribusiness Today

    Get your agribusiness report here!

    More \232a

    Get your agribusiness report here!

    More \232a
  • Web Exclusives

    Web Exclusives

    Here at WAND we strive to bring you the latest coverage on news happening across central Illinois, and this page is a continuation of that effort.More \232a
    Here at WAND we strive to bring you the latest coverage on news happening across central Illinois, and this page is a continuation of that effort.More \232a