Cargill has been informed by the Foreign Investment Review Board (FIRB) that the Federal Government has no objections to the proposed acquisition from Agrium of the AWB Commodity Management business.
This follows the ACCC's decision on 17 March 2011 not to oppose the acquisition.
Cargill Australia MD Ralph Selwood said: "We welcome both the Federal Government's and the ACCC's clearance of our acquisition of the AWB Commodity Management business. We will now proceed rapidly to conclude the transaction and begin the integration process to bring the two businesses together.
"Specifically, we intend to embark on the following actions after acquisition:
- Continue to operate wheat and barley pools over the coming years and this will continue while there's a commercial demand for pool products.
- Actively use the AWB brand, primarily in the Australian grain buying and grower activities and where the brand can help secure premium pricing to benefit Australian growers in international markets.
- Continue to use and promote Australian wheat classification as a means of distinguishing the high quality of Australian wheat.
- Provide open access to other grain buyers at all our storage sites within normal commercial requirements.
- Promote pricing transparency via our website and offering prices for delivery at all the Grainflow sites."
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