GrainCorp decision in December

The West Australian
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Federal Treasurer Joe Hockey has given the new Federal Government more time to consider the implications of a takeover of Australia's largest grains handler, GrainCorp.

A decision on a $3.4 billion offer from US grain giant Archer Daniels Midland will now be made by December 17, Mr Hockey said last Friday.

"Given the size of this transaction and the complex nature of the issues involved, I have decided to extend the statutory time period," he said.

"This will allow sufficient time for the new government to carefully consider all the relevant issues and advice from the Foreign Investment Review Board before making a decision."

The Nationals are opposed to the sale, as it would mean ADM, Cargill and Glencore would control about 60 per cent of Australia's wheat shipments and put most of the nation's grain export infrastructure in foreign hands. The Australian Competition and Consumer Commission said in June it would not oppose the $3.4 billion takeover.


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