Archer Daniels Midland Company (NYSE: ADM) notes today’s announcement by
the Australian Federal Treasurer that he has made an order prohibiting
ADM’s proposed acquisition of GrainCorp Limited (OTC: GRCLF).
“We are disappointed by this decision. We are confident that our
acquisition of GrainCorp would have created value for shareholders of
ADM and GrainCorp, as well as grain growers and the Australian economy,”
said ADM Chairman and CEO Patricia Woertz.
“Throughout this process, we worked constructively to create an
arrangement that would be in Australia’s best interests and made
substantial commitments to address issues that were important to
stakeholders,” she said. Woertz confirmed there were no conditions or
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