MARKETS SPECTATOR: Game on for GrainCorp

US ag giant Archer Daniels Midland snapped up 10 per cent of GrainCorp overnight. It looks they're trying to flush out rivals ahead of a takeover.

It looks like the predators have pounced on Australia’s last remaining significant grain company available for takeover.
Early this morning 10 per cent of the company’s share been crossed at $11.75, a whopping 33 per cent premium to Graincorp’s last traded price yesterday of $8.85.

Archer Daniels Midland (ADM) are behind the raid and have said they wish to engage in talks with GrainCorp. Hence, GrainCorp’s shares have been placed in a trading halt.

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