The market has sent a clear signal to the GrainCorp board that $11.75 a share isn’t enough, not yet at least. The move by America’s ADM is causing much angst on the conservative side of politics, thanks to the Liberal-National Coalition – one can only imagine what will happen if a Chinese rival emerges. On cue, a Business Spectator survey taps Australian CEOs for their views on foreign investment, including Chinese investment in agricultural assets. Also this morning, Sundance Resources’ suitor wins in principle support from its Chinese lender, Lonestar Resources gets its backdoor Down Under listing after all and there’s yet more movement in the media sector.
GrainCorp, Archer Daniels Midlands