SYDNEY, AUSTRALIA — The Australian Competition and Consumer Commission’s (ACCC) extended its timeline review of the proposed sale of GrainCorp’s Australian Bulk Liquid Terminal assets to ANZ Terminals Pty Ltd (ANZ Terminals).
The ACCC has advised that the indicative decision date in relation to the proposed sale has been extended by a further 15 days, from Oct. 31, 2019, to Nov. 15, 2019.
The proposed sale also remains subject to other conditions, including Foreign Investment Review Board approval. GrainCorp and ANZ Terminals are working toward the satisfaction of all conditions.
GrainCorp also continues its plan to demerge its global malting business, MaltCo, enabling GrainCorp’s Grains and Oils businesses to be combined into New GrainCorp.
On June 24 GrainCorp planned for the scheme booklet for the demerger to be sent to shareholders following the release of its fiscal year 2019 results. But in light of ACCC’s recent extension the company will send the booklet to shareholders in the first quarter of calendar year 2020.