Joe Hockey, Australia’s treasurer, has blocked ADM’s takeover of GrainCorp:
the acquisition of GrainCorp by ADM is contrary to the national interest
- ADM owns 19.85% of GrainCorp and can keep its stake, and Hockey will allow the US company to increase its share up to 24.9%
- Archer Daniels Midland takeover bid was worth $A3.4 billion
This is not a positive for the AUD today
ADDED (from Australian Financial Review(gated) ): Hockey rejects ADM’s GrainCorp takeover bid
- The rejection of this deal did not rule out an approval of a second attempt at a takeover, Hockey said
- The Australian Consumer and Competition Commission had given the deal the green light, citing no competition concerns associated with the takeover
