Archer-Daniels-Midland Co., the world’s largest corn processor, won agreement to acquire GrainCorp Ltd. for A$2.2 billion ($2.3 billion) after raising its offer with a special dividend for shareholders of the Australian crop handler.
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.
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.
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.
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.