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Current Position:Home » News » Condiments & Ingredients » Ingredients » Topic

European Commission approves ADM acquisition of GrainCorp

Zoom in font  Zoom out font Published: 2013-07-30  Views: 22
Core Tip: The European Commission notified Archer Daniels Midland Company (ADM) of its approval of ADM’s proposed acquisition of GrainCorp Limited.
The European Commission notified Archer Daniels Midland Company (ADM) of its approval of ADM’s proposed acquisition of GrainCorp Limited. This brings the number of government agencies that have cleared the acquisition to six.

On April 26, Archer Daniels Midland Company signed a takeover bid implementation deed with GrainCorp Limited and began due diligence on GrainCorp. ADM agreed to make a cash offer of $3.5 billion (A$3.4 billion). Under terms of the deal, shareholders will receive a cash payment of $12.20 per share, plus a dividend of $1 per share.

GrainCorp is a leader in the Australian agribusiness sector. Should the offer proceed, the addition of GrainCorp to ADM’s global network would fit its strategy and help to further connect Australia’s growers with growing global demand for crops and food, particularly in Asia and the Middle East. ADM and GrainCorp have complementary geographies with little overlap and highly compatible cultures.

To date, the acquisition has been cleared by the Japan Fair Trade Commission, South Africa’s Competition Commission, Canada’s Competition Bureau, the Australian Competition and Consumer Commission and the U.S. Federal Trade Commission also approved the acquisition last November. ADM continues to work with regulators in Australia, China and South Korea.

 
 
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