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.’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.
Murray Goulburn Cooperative Co., Australia’s biggest milk processor, raised its takeover offer for Warrnambool Cheese & Butter Factory Co., valuing it at A$533 million ($484 million) and topping two rival bids.
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.
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.
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.