Dive Summary:
- Archer Daniels Midland (ADM) is currently in talks with Australian grain conglomerate GrainCorp after offering $2.8 billion for a cash takeover.
- This came after ADM increased their share holdings last week from 10% to 14.9% at a price of $11.75 a share.
- This offer is part of a trend of heavy foreign investment into Australian agriculture as the country becomes a key player in international food and oilgrain supply.
From the article:
"The discussions come after the US firm upped its shares in GrainCorp by 10% to 14.9% at a price of A$11.75 (US$12.10) per share.A trading halt was in place at GrainCorp until today while talks took place. The firm said its board is reviewing ADM's proposal but has "not yet formed a view on its merits".GrainCorp shares soared in Sydney on Monday 22 following the offer, closing at A$12.30 (US$12.68) per share.It has appointed Credit Suisse and Greenhill as financial advisers and Gilbert + Tobin as legal advisers.David Weintraub, ADM spokesperson, told BakeryandSnacks.com that the firm will co..."
