FARM BUSINESS NEWS
GrainCorp Takeover Veto Raises Fears
Fri Nov 29, 2013 08:15 AM CST

SYDNEY (Dow Jones) -- Australia blocked a three billion Australian dollar (US$2.7 billion) bid by U.S. agribusiness giant Archer Daniels Midland Co. for local grain handler GrainCorp Ltd. on national interest grounds, raising concern over the new conservative government's openness to foreign investment as it seeks to turn the country into a food bowl for Asia.

GrainCorp shares slumped as much as 25% in Sydney after intense lobbying by farmers and some conservative politicians helped derail the deal, which would have left 60% of wheat shipments from Australia controlled by three companies: ADM, Glencore Xstrata PLC and Cargill Inc. It ...

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