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.
Mining magnate and lawmaker Clive Palmer plans to introduce a bill into Australia’s parliament opposed to the planned A$2.2 billion ($2.1 billion) takeover of GrainCorp Ltd. by U.S.-based Archer-Daniels-Midland Co.
Australian Prime Minister Tony Abbott’s popularity has slipped as the government lags on its promise to stop asylum seekers arriving by boat, with parliament resuming for the first time since the September election.
Australian mining magnate Clive Palmer led the vote count for the lower-house district of Fairfax in his native Queensland state, putting him on course to win a seat in the federal parliament after the Sept. 7 election.
Clive Palmer, the Australian mining magnate whose party is on course to win three Senate seats in the Sept. 7 election, formed an alliance with another new member of the upper house and said Prime Minister Tony Abbott’s government will have to negotiate with the bloc to pass laws.