ADM's rejection goes against the grain of logic

Joe Hockey was unconvincing in his dismissal of ADM's bid for GrainCorp. His decision denies Australian agribusiness of much-needed capital and sends a troubling message to foreign investors.

In blocking Archer Daniels Midland’s $3 billion-plus bid for GrainCorp, Treasurer Joe Hockey has made the wrong decision for the wrong reasons.

The rejection will deny the grains sector the investment it sorely needs and will send a signal to the world that Australia’s foreign investment decisions can be perverted by the internal politics of the Coalition.

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