Sign up for free newsletter

 

barred

Australian Federal Treasurer blocks ADM’s GrainCorp acquisition

Archer Daniels Midland Company (ADM) is ‘disappointed’ with the Australian Federal Treasurer’s decision to prohibit ADM’s proposed acquisition of GrainCorp Limited (ASX:GNC).

“We are disappointed by this decision. We are confident that our acquisition of GrainCorp would have created value for shareholders of ADM and GrainCorp, as well as grain growers and the Australian economy,” says ADM Chairman and CEO Patricia Woertz. “Throughout this process, we worked constructively to create an arrangement that would be in Australia’s best interests and made substantial commitments to address issues that were important to stakeholders,” 

Woertz has confirmed there were no conditions or undertakings requested of ADM by the Treasurer.

Concerning ADM’s plans for its current investment in GrainCorp, Woertz says: “As owner of 19.85 per cent of GrainCorp, we will look to work with them to maximize returns on our investment and create value for both companies.

“We are reviewing our capital allocations, including shareholder distribution alternatives, as part of our 2014 business plan process currently underway.  We have an attractive pipeline of opportunities that are consistent with our focus on value creation and fit our strategy for profitable growth.”


Subscribe to free daily newsletter
MediaWatch WA awards 2015

See interviews and presentation at the Wealth Adviser 2015 awards ceremony, held at Sketch, Mayfair on the 15th May .... »

latestjobs
QA Engineer/SoftwareTest- Prop Trading Firm

Fri, 29 May 2015 00:00:00 GMT

Interest Rates Valuations

Fri, 29 May 2015 00:00:00 GMT

Senior/Lead Software Development -Bank/Hedge Funds

Fri, 29 May 2015 00:00:00 GMT

events
2 days 12 hours from now - Dubai
3 days 12 hours from now - Chicago
3 days 12 hours from now - Boston
3 days 12 hours from now - Amsterdam
specialreports