ADM should lift Graincorp bid

The currency depreciation in recent months means ADM is getting Graincorp on the cheap.

Much as Archer Daniels Midland boss Ian Pinner is loathe to do so, the American grain trader would be well advised to raise the offer for Graincorp or at the very least sweeten it with a special dividend.

There's no doubt ADM can afford it. When the Illinois based ADM sealed the deal back in April, the Australian dollar was trading north of $US1.03. Before Pinner arrived in Australia this week, the local currency had slipped below US90c.

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