ADM previously held economic interest in 4.9% and has also acquired an additional 10% economic interest at a price of $11.75 per share.
ADM has approached GrainCorp with the aim of arriving at an agreement under which GrainCorp’s board of directors would recommend to its shareholders a cash acquisition by ADM.
Any agreement would be subject to satisfactory due diligence, regulatory approvals and other conditions.
ADM chairman and CEO Patricia Woertz, said: “Our investment in GrainCorp is part of our ongoing portfolio management and is consistent with our strategy of growing our Agricultural Services and Oilseeds businesses by investing in key supply regions outside the US.”
Source: ADM
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