Pinner defends ADM's GrainCorp play
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President of Archer Daniels Midland Ian Pinner says his group's proposed takeover of GrainCorp Ltd would cement Australia's role in the global food boom, The Australian reports.
According to the newspaper, Mr Pinner said ADM's GrainCorp proposal was the largest in its 110-year history and rebutted suggestions the global agribusiness would underinvest in Australia.
"It's been surprising to hear suggestions that ADM could be tempted to underinvest in its infrastructure or favour alternative markets," he said in The Australian.
"ADM invests to grow businesses, not hrink them; to create opportunity, not stifle it; and to support growers to achieve our shared goals."
Mr Pinner's comments come as the federal opposition and rural groups intensify their opposition to ADM's takeover. A second Senate hearing into the nation's grains handlers will commence in Canberra tomorrow, with GrainCorp's chief executive officer Alison Watkins set to appear (see Tom Elliott's Selling GrainCorp into a sweeter bid).
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