Arab Today, arab today adm raises graincorp bid to 29 billion
Last Updated : GMT 05:34:53
Arab Today, arab today
Arab Today, arab today

ADM raises GrainCorp bid to $2.9 billion

Arab Today, arab today

Arab Today, arab today ADM raises GrainCorp bid to $2.9 billion

Sydney - AFP

Australian agribusiness GrainCorp said Tuesday suitor Archer Daniels Midland (ADM) had bumped up its takeover offer to Aus$2.8 billion (US$2.9 billion), a 3.8 percent increase on its earlier rejected bid. GrainCorp knocked back a Aus$2.68 billion, Aus$11.75-per-share offer last month from ADM, a leading American agricultural commodities trader, with the Australian grain firm holding out for more money. It advised the Australian stock exchange that ADM had returned with a better offer late Monday and had also increased its stake in GrainCorp by another five percent to 19.9 percent. \"GrainCorp advises that on Monday evening ... it received a revised indicative non-binding proposal from ADM stating that it is prepared to make a takeover offer to acquire the outstanding shares in GrainCorp at a price of Aus$12.20 per share in cash,\" it said in a statement. \"ADM advised that it has now accumulated an economic interest in 19.9 percent of GrainCorp shares, which includes an additional five percent of GrainCorp shares acquired on 3 December 2012.\" GrainCorp said its board would review the proposal and advise the market in due course. The new offer reflects the value of GrainCorp shares at the time it knocked back ADM\'s earlier proposal after reporting a record net profit for fiscal 2012, up 19 percent at Aus$204.9 million in the year to September 30. GrainCorp\'s stock price jumped 3.18 percent on the revised bid in morning trade Tuesday to Aus$12.32. GrainCorp services about 30,000 grain producers in the eastern states of Queensland, New South Wales, Victoria as well as South Australia and has one of the largest grain storage, handling and logistics networks in the nation. Its combined storage capacity is more than 21 million tonnes at about 280 sites nationwide, with its vast network aligned with rail and road links for transporting grain to market. Analysts say Illinois-headquartered ADM, one of the world\'s biggest food companies producing goods from cottonseed and peanuts to ethanol and animal feed, is interested in GrainCorp to gain a foothold in Asia.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today adm raises graincorp bid to 29 billion Arab Today, arab today adm raises graincorp bid to 29 billion

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today adm raises graincorp bid to 29 billion Arab Today, arab today adm raises graincorp bid to 29 billion

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday