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Farmers Demand GrainCorp Sell Assets Ahead of ADM Takeover

Australian farmers have written to the government demanding the sale of some GrainCorp Ltd. (GNC.AU) assets as a condition to its takeover by Archer Daniels Midland Co. (ADM), fearing the U.S. grain giant could squeeze the few remaining competitors out of the market.GrainCorp late last month accepted a sweetened A$3.4 billion (US$3.3 billion) takeover offer from ADM. The deal--ADM's largest ever purchase--will give the Illinois-based company control of seven of the eight ports on Australia's east coast, the gateway to Asia's booming food market, and 90% of the grain shipped from it."We have a monopolistic supply chain infrastructure that makes it difficult to ensure competition," Fiona Simson, president of the NSW Farmers, said in an interview. "We want conditions applied to the takeover that would assist in that."Among the demands in a letter to Treasurer Wayne Swan--the man who will have the final say on the takeover--Ms. Simson calls for ADM to divest one or two ports, for other par...

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  1. Archer Daniels Wins Over GrainCorp With Sweeter Bid

    Archer Daniels Midland Co. (ADM) is close to executing Australia's third-biggest food deal after the board of local grain exporter GrainCorp Ltd. (GNC.AU) accepted a...

  2. GrainCorp Accepts Archer Daniels Midland Bid

    Archer Daniels Midland Co. (ADM) is close to becoming east Australia's largest grain exporter after GrainCorp Ltd. (GNC.AU) accepted its $2.9 billion takeover bid, j...

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  4. Archer Daniels Midland Agrees to Make Offer for GrainCorp, Pending Due Diligence

    Agricultural giant Archer Daniels Midland Co. (ADM) has signed a takeover bid implementation deed with GrainCorp Ltd. (GNC.AU), under which it has agreed to make a c...

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  9. Buffett's Berkshire Hathaway Reveals Stake in ADM, VeriSign

    Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) revealed new stakes in Archer Daniels Midland Co. (ADM) and VeriSign Inc. (VRSN), companies likely selected by ...

  10. Berkshire Takes New Positions In ADM, Verisign

    Warren Buffett's Berkshire Hathaway Inc. bought new positions in Archer Daniels Midland Co. and Verisign Inc. while increasing positions in other stocks, according t...

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  1. Berkshire Sells General Dynamics, Archer Daniels Stakes

    Berkshire Hathaway Inc. (BRKA, BRKB) sold its stakes in defense contractor General Dynamics Corp. (GD) and agricultural giant Archer Daniels Midland Co. (ADM) in the...

  2. Buffett's Berkshire Exits ADM, Adds To Wells Fargo

    Warren Buffett's Berkshire Hathaway Inc. unloaded stakes in Archer Daniels Midland and General Dynamics , and initiated a position in Chicago Bridge & Iron , accordi...

  3. ADM Sees Additional Savings of $200 Million by End of 2014

    Agricultural giant Archer Daniels Midland Co. (ADM) said it expects to realize an additional $200 million in savings by the end of 2014, and sees $1 billion in worki...

  4. Archer Daniels Sets Aside $25 Million for FCPA Deal

    Agribusiness conglomerate Archer Daniels Midland Co. (ADM) said it reserved $25 million for resolution of a probe into possible violations of U.S. foreign bribery la...

  5. ADM 1st-Quarter Net Falls 33% on Drought, Confirms GrainCorp Deal

    Archer Daniels Midland Co. (ADM) confirmed plans to acquire Australia's largest grain company Wednesday, while reporting first-quarter earnings fell 33% due to a sev...

  6. ADM Net Falls 33% on Drought, Other Impacts

    Archer Daniels Midland Co.'s (ADM) first-quarter earnings fell 33% as the agricultural giant continued to be hurt by the 2012 drought in the Midwest.ADM also confirm...

  7. ADM 1st-Quarter Net Falls 33% on Drought, Other Impacts

    Archer Daniels Midland Co.'s (ADM) first-quarter earnings fell 33% as the agricultural giant continued to be hurt by the 2012 drought in the Midwest."As expected, th...

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