GrainCorp in focus as Ellerston buys up

Fund manager Ellerston Capital raised its stake in GrainCorp ahead of the company’s lower interim earnings report.

Influential fund manager Ellerston Capital raised its stake in GrainCorp this week ahead of the company’s lower interim earnings report and the looming appointment of a new chief executive that could be a catalyst for Archer Daniels Midland to clarify its plans for the company.

Ellerston, which provided ADM with part of its 20 per cent stake ahead of a $3.4 billion bid and then lashed the board for failing to ensure the takeover was completed, moved from 6.5 per cent to 7.6 per cent on Tuesday.

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