DESPITE GrainCorp chairman Don Taylor describing Archer Daniels Midland's sweetened bid for (ADM) as "a compelling opportunity for the eastern Australian grain industry" last week, Treasurer Joe Hockey decided on Friday to reject the US agri-giant's $3.4 billion takeover bid.
FarmOnline covered the issue from the moment the news broke, tracking growers' elation, corporate disbelief, political point scoring and a falling share price. Here's the highlights of the weekend's coverage:
THE head of GrainCorp has announced her intention to resign just days after plans for a multi-billion takeover of the company by Archer Daniels Midland (ADM) were scuppered by the federal Treasurer.
TREASURER Joe Hockey has rejected US agribusiness giant Archer Daniels Midland's (ADM) $3.4 billion bid to takeover eastern Australia's biggest grain handler, GrainCorp.
GRAINCORP'S share price has fallen about 22 per cent to its pre-takeover levels following the news that Archer Daniels Midland (ADM) can't buy the local grain company.
REACTION has been predictably mixed to this morning's news that US agribusiness giant Archer Daniels Midland's (ADM) $3.4 billion bid for GrainCorp has been rejected by Federal Treasurer Joe Hockey.
A DISAPPOINTED Archer Daniels Midland (ADM) is putting on a brave face to its US shareholders in the wake of being blocked from its much-anticipated GrainCorp takeover.
WHILE Nationals leader and deputy Prime Minister Warren Truss said it was “highly unlikely” the Treasurer’s decision to reject Archer Daniels Midland's (ADM) takeover bid for GrainCorp would deter future foreign direct investment (FDI) in Australian agribusiness, one lobby group warned “investors are now certain to avoid putting their capital at risk”.
GRAINCORP'S biggest individual shareholder has applauded the federal government's decision to block the controversial GrainCorp sale, but the Australian Shareholders Association claims political interference has cost investors close to $1 billion.
JOE Hockey’s decision to block Archer Daniels Midland’s (ADM) $3.4 billion takeover of GrainCorp is nakedly political, says MALCOLM MAIDEN.
DON’T be fooled by Labor’s cute criticism of the Federal Coalition for blocking the sale of GrainCorp to Archer Daniels Midland (ADM), says COLIN BETTLES.
SENATOR Bill Heffernan plans to relaunch a fresh Senate inquiry into the national grain handling and logistics network early next year, to address a range of existing issues including market power abuse.
PRIME Minister Tony Abbott has launched a belated defence of Treasurer Joe Hockey's rejection of Archer Daniels Midland's $3.4 billion bid for GrainCorp, saying it stopped a foreign business buying an "effective monopoly", as the United States expressed concerns about the decision.
LEADING protagonists for liberalising the Australian wheat export market have delivered a scathing assessment of Federal Treasurer Joe Hockey’s surprise decision to block Archer Daniels Midland’s (ADM) $3.4 billion bid for GrainCorp.
DEAR ADM – consider yourselves lucky. Your first responsibility is to your shareholders. The offer to purchase GrainCorp was too generous and you would have struggled for years to generate a decent return, says DAVID LEYONHJELM.
The takeover that never was
The decision to block the $3bn takeover comes more than a year after the US agribusiness giant first launched its bid for the Australian company
OCT 19, 2012
GrainCorp confirms Archer Daniels Midland is the buyer of a 10 per cent stake in the company.
OCT 22, 2012
GrainCorp board considers ADM offer of $11.75 a share, which triggers a 42 per cent jump in the grain handler’s share price.
NOV 15, 2012
GrainCorp rejects the proposal, but leaves the door open for further talks.
DEC 3, 2012
ADM sweetens its offer after another late night raid on GrainCorp’s share register at $12.20 a share.
DEC 13, 2012
GrainCorp rejects higher offer from ADM, saying it still materially undervalues the company.
MAY 2, 2013
ADM confirms it will mount a new takeover bid for GrainCorp, offering $13.20 a share.
JUN 24, 2013
The GrainCorp board backs ADM’s takeover bid, saying “the feedback we’ve had from shareholders is very positive”.
JUN 27, 2013
The Australian Competition and Consumer Commission gives approval to ADM’s takeover bid, saying “it is unlikely that the incentives faced by ADM in regards to the storage and transport supply chain would be materially altered by the acquisition”.
AUG 29, 2013
A Senate committee chaired by Liberal Bill Heffernan recommends the ACCC reopen its probe into the GrainCorp takeover.
SEP 12, 2013
Corporate leaders urge the incoming Coalition government to back the takeover, warning the deal would shape up as a test of Australia’s openness to foreign investment.
OCT 4, 2013
New Treasurer Joe Hockey delays making a decision on ADM’s takeover offer, saying “the size and complexity” of the deal demanded more time.
NOV 1, 2013
ADM’s takeover offer extended for the second time amid regulatory delays.
NOV 6, 2013
Tensions between the Liberals and the Nationals over the proposed GrainCorp sale escalate as Mr Hockey warns he will “not be bullied” by anyone over his decision.
NOV 15, 2013
Prime Minister Tony Abbott rejects suggestions he is poised to intervene and veto any decision to sell GrainCorp, saying the decision is a matter for Mr Hockey alone.
NOV 25, 2013
Poll finds 51.2 per cent of respondents are against the sale of GrainCorp.
NOV 29, 2013
Mr Hockey rejects ADM’s bid, citing concerns over the control of key infrastructure such as silos and ports.
- with AFR