GrainCorp-ADM opposition stiffens

NSW farmers call on Bowen to block ADM's GrainCorp takeover offer.

Archer Daniels Midland's (ADM) $3 billion takeover offer of GrainCorp Ltd is facing increasingly stiff resistance from farmers, according to The Australian.

More than 280 farmers at the annual NSW Farmers conference in Sydney on Thursday agreed to call on Treasurer Chris Bowen to block the takeover under the Foreign Acquisitions and Takeovers Act.

Opposition to the deal is gathering steam amid concerns that it would hurt competition in the grain market and that it would eventually result in the closure of some country silos, as well has higher costs for freight, storage and handling.

NSW Farmers Grain Committee chairman Mark Hoskinson attributed the latest development to last week's Senate committee hearings into the proposed deal, as it raised alarms about ADM's corporate conduct in other grain-growing nations, according to The Australian.