ADM acquires 14.9 per cent share in GrainCorp

ADM acquires 14.9 per cent share in GrainCorp

4:39 AM, 22nd October 2012
ADM acquires 14.9 per cent share in GrainCorp
Corporate offices at Decatur, US.

SYDNEY, AUSTRALIA: Archer Daniels Midland Company (ADM) has held an economic interest in 14.9 per cent of GrainCorp Ltd shares. ADM previously held economic interest in 4.9 per cent, and now ADM acquired an additional 10 per cent economic interest at a price of A$11.75 ($12.12) per share.

ADM has approached GrainCorp with the aim of arriving at an agreement under which GrainCorp’s Board of Directors would recommend to its shareholders a cash acquisition by ADM. Any agreement would be subject to satisfactory due diligence, regulatory approvals and other conditions.

“Our investment in GrainCorp is part of our ongoing portfolio management and is consistent with our strategy of growing our Agricultural Services and Oilseeds businesses by investing in key supply regions outside the United States,” said Patricia Woertz, Chairman and CEO, ADM.

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