Australia's GrainCorp Accepts Archer-Daniels’ Takeover Bid

Thursday, 25 Apr 2013 07:38 PM

 

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GrainCorp. Ltd. the largest crop handler in eastern Australia, accepted Archer-Daniels-Midland Co.’s A$2.8 billion ($2.9 billion) takeover offer, four months after rejecting the price as too low.

“We are pleased to have reached agreement with GrainCorp to conduct due diligence and, subject to that due diligence, put a recommended offer before GrainCorp’s shareholders,” ADM Chief Executive Officer Patricia Woertz said in a statement.

Buying GrainCorp, the only major publicly traded grain merchant in Australia left after the nation deregulated its wheat-export system, would give ADM control of seven of the eight ports that ship grain in bulk from the nation’s east coast as well as a substantial malt producer.

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