Belinda Moore News
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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.
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No middleman in the industrialized world is offering potential buyers a cheaper way to export wheat to Asia than Australia’s GrainCorp Ltd.
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Archer-Daniels-Midland Co., the world’s biggest corn processor, is seeking talks with GrainCorp Ltd. about a potential takeover after boosting its stake in the grain handler.
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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.
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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.
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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.
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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.
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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.
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GrainCorp Ltd., the largest grain handler in eastern Australia, rejected Archer-Daniels-Midland Co.’s higher A$2.8 billion ($3 billion) bid as too low.
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GrainCorp Ltd., the largest grain handler in eastern Australia, said it will consider any new proposals after rebuffing a A$2.7 billion ($2.8 billion) offer from U.S.-based Archer-Daniels-Midland Co.
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