Agribusiness giant Archer Daniels Midland (ADM) can now go ahead with its planned US$396.2m buyout of ethanol sector rival Minnesota Corn Processors (MPC) after the firm’s shareholders voted yesterday [Thursday] to approve the offer.

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MPC agreed in principal in July to a takeover, and ADM spokesman Larry Cunningham told Reuters yesterday [Thursday]: “They have had the vote and the required approval was exceeded.”


The acquisition of MCP will add 140 million gallons of annual ethanol production capacity to ADM’s current 950 million gallon production.


The deal is still subject to regulatory reviews by the US Justice Department’s antitrust division.

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