A renewed lobbying effort by United States agribusiness giant Archer Daniels Midland (ADM) to win support for its contentious $3 billion bid for GrainCorp (GNC) is unlikely to involve a sweetening of the offer price, according to The Australian Financial Review.
ADM grain group president Ian Pinner arrived in Australia to make a fresh push after the company laid low during the federal election campaign.
His task will involve convincing politicians and growers, who have largely opposed the bid to date, that the existing offer, which was raised to $13.20 a share in April, is in both sides' best interest.
“We are doing everything that I have heard the growers want us to do,” Mr Pinner told the AFR.
“They want investment in the supply chain, they want access to the markets, they want access to up-country [storage sites]. They want access to the ports. I have said we will do all of that.
“I'd say to growers there is a point that we might agree to disagree. It might be that I can't necessarily meet all of the growers' expectations for whatever reason it might be.”
Federal treasurer-elect Joe Hockey will make the ultimate decision, with reports that the coalition may face pressure from some members of the National party to block the deal.