Hockey blocks ADM's GrainCorp takeover

Treasurer announces he will prohibit a $3.4 billion offer from US giant Archer Daniels Midland to acquire 100% of the agribusiness.

Treasurer Joe Hockey will block the foreign takeover of Australia's largest agribusiness GrainCorp (GNC).

Mr Hockey told reporters in Sydney he would oppose a $3.4 billion offer from US giant Archer Daniels Midland to acquire 100% of the agribusiness.

He said he was conscious of the national interest when making the decision.

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