GrainCorp is reportedly not interested in talking to American suitor Archer Daniel Midlands for anything less than $13-$14 a share. While the directors have a solid case, they’ll have to keep the many GrainCorp institutional shareholders onside and remain aware of the potential for another discussion on agricultural protectionism to break out. Meanwhile, there are calls for the government to look at collusion between big shareholders, which is somewhat well timed as pressure on the Echo Entertainment board increases. And finally, Telstra has run into some troubles with the ACCC over its sale of TradingPost.
GrainCorp, Archer Daniel Midlands