ADM eyes larger GrainCorp stake
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United States agricultural giant Archer Daniels Midland aims to increase its investment in Australian grain company GrainCorp over time, a senior executive said.
ADM owns 19.9% of GrainCorp. In November, Australia's government ruled against ADM's planned acquisition of the entire company.
Australian Treasurer Joe Hockey said at the time that he would likely allow ADM to raise its investment to 24.9% to encourage the company to "demonstrate its commitment to the Australian grains industry".
Juan Luciano, ADM's president said that ADM planned to "hold" its current investment and would try to increase it.
"We are committed to Australia," Mr Luciano said at the Financial Times Commodities Global Summit in Lausanne, Switzerland.
"I think we got slammed a little bit by a wave of fear and nostalgia. We are committed to working with the government and farmers to placate those fears."
A spokeswoman for ADM declined further comment.
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