ADM revives GrainCorp lobbying
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Agribusiness giant Archer Daniels Midland (ADM) has revived political lobbying over its $3 billion takeover bid for GrainCorp (GNC) after keeping a low profile during the federal election campaign, according to The Australian Financial Review.
The contentious takeover bid will prove an early test for incoming treasurer Joe Hockey and the new coalition government's pledge to support foreign investment.
Growers in particular have opposed the bid for Australia's largest listed agribusiness firm, arguing the deal would limit their access to grain silos.
ADM is expected to soon resubmit its application to the Foreign Investment Review Board (FIRB) for approval of the bid. Its original application had been withdrawn in ahead of the federal election campaign when the government when into caretaker mode.
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