Archer-Daniels-Midland Co.’s A$2.2 billion ($2 billion) takeover of GrainCorp Ltd. was blocked by Australia, prompting a record drop in shares of the east coast’s biggest crop handler and a slide in the local currency.
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.
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.
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.
Glencore International Plc, the largest publicly traded commodities supplier, has expressed an interest in acquiring Canada’s biggest grain handler Viterra Inc., according to a person familiar with the situation.
AWB Ltd. , Australia’s largest wheat exporter and No. 2 rural services supplier, recommended a A$1.2 billion ($1.1 billion) bid from Agrium Inc. , withdrawing its support for an all-stock proposal from GrainCorp Ltd.