The ultimate ownership of CBH under this proposal will be ADM! Graincorp will fall to ADM in time and then ADM will move to take over CBH in full. This is what has happened in Vic and SA where Glencore now controls grain orgination in those States. The East Coast is tied up by Graincorp and now the West, if the farmers are unwise enough to agree to this proposal - will follow suit. CBH 'owns" a lot of its end demand by having shares in milling facilities offshore - these will also fall to the offshore raiders. Don't do it!