US Archer Daniels Midland plans to acquire Australia’s GrainCorp

19 October 2012 15:13  [Source: ICIS news]

HOUSTON (ICIS)--Archer Daniels Midland (ADM) has increased its stake in Australia’s GrainCorp as it seeks to acquire the company in a cash deal, the US-based agribusiness firm said on Friday.

ADM said that the acquisition of GrainCorp would be in line with its strategy to expand its agricultural services and oil seeds businesses.

ADM holds a 14.9% interest in the Sydney-based grain handling, oils and agricultural company, after acquiring an additional 10%, at Australian dollar (A$) 11.75/share ($12.11/share), on Thursday, it said.

GrainCorp confirmed that ADM approached it “concerning a potential transaction.” However, GrainCorp has not yet received a formal proposal from ADM, it said.

($1 = A$0.97)

By: Stefan Baumgarten
+1 713 525 2653

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