Blog: Australia pushes back ruling on ADM's bid to buy GrainCorp
Dean Best | 4 October 2013
The new Australian government is to give itself longer to scrutinise Archer Daniels Midland's plan to buy local agribusiness GrainCorp.
A decision on the A$2.6bn takeover is now due by 17 December, Australian Treasure Joe Hockey said today (4 October).
The new deadline would meet ADM's expectations that the deal would close this year but it will give Australian officials that look at foreign takeovers to see if it needs to place conditions on the acquisition.
"Given the size of this transaction and the complex nature of the issues involved, I have decided to extend the statutory time period. This will allow sufficient time for the new government to carefully consider all the relevant issues and advice from the Foreign Investment Review Board before making a decision," Hockey said.
ADM had to work hard to win over the GrainCorp board. It first bid for the business a year ago, an offer that was rejected for under-valuing the business. A second bid was also turned down before ADM won over the GrainCorp board at the third attempt in April.
ADM has already secured anti-trust approval for the deal in markets from the EU to Japan should the acquisition be approved in Australia.
Buying GrainCorp will give ADM a business set to be well placed to meet rising demand for commodities to feed the growing populations of Asia.
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