Saputo Inc., Canada’s largest dairy processor, bettered two rival offers for Australia’s Warrnambool Cheese & Butter Factory Co., agreeing to pay A$449 million ($432 million) to tap growing demand in Asia.
Agrium Inc. offered A$1.2 billion ($1.1 billion) in cash for AWB Ltd., Australia’s largest wheat exporter and No. 2 rural services provider, topping a share bid from GrainCorp Ltd. AWB’s shares rose 30 percent.
GrainCorp Ltd. jumped to a record as investors bet Archer-Daniels-Midland Co.’s A$2.68 billion ($2.77 billion) cash takeover bid won’t be enough to win control of eastern Australia’s largest grain handler.
Overseas buyers may boost investment in agriculture assets in Australia, the fourth-biggest shipper of wheat, as they seek to secure supply to meet surging food demand, said Queensland Sugar Ltd. Chairman Alan Winney.
GrainCorp Ltd., eastern Australia’s largest grain handler, said Chief Executive Officer Alison Watkins resigned after a A$2.2 billion ($2 billion) takeover bid by Archer-Daniels-Midland Co. was blocked by Australia.
Archer-Daniels-Midland Co., the biggest corn processor, offered A$2.7 billion ($2.8 billion) in cash for GrainCorp Ltd. to gain agricultural shipment assets in Australia, sending the target to a record high.