Australian PM Abbott:
- ‘Australia open for business, foreign investment …’
- Rio Tinto has moral obligation to aid Gove workers
- Australia wants to see strong Qantas
Newswire headlines
I think Abbott is trying to pull your leg …
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This from the Wall Street Journal:
- Australia blocked a three billion Australian dollar (US$2.7 billion) bid by U.S. agribusiness company Archer Daniels Midland to buy grain handler GrainCorp Ltd
- Saying a takeover would go against the national interest.
- The move follows lobbying by farmers and some conservative politicians against the deal
- The deal would have left 60% of wheat shipments from Australia controlled by three companies: ADM, Glencore Xstrata and Cargill Inc. It also would have put almost all of the country’s export infrastructure under foreign ownership
the decision to veto the deal also raises questions about the commitment of the new center-right Liberal-National government to welcoming foreign investment, seen as critical to supporting a slowing economy as a decade long resources boom ends.
- The Australian Competition and Consumer Commission previously approved the deal.
Australia Blocks ADM Takeover Offer (The Wall Street Journal is often gated, so if you’re unable to access the article try a search of Google news using the headline)
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We had the news of the takeover bid rejection earlier, along with Rio Tinto shutting down aluminium mining production
