SYDNEY, AUSTRALIA — In a letter to shareholders dated Oct. 28, GrainCorp said it is delaying its annual meeting to Feb. 27, 2014, to provide greater certainty regarding the purchase of the company by Archer Daniels Midland Co. (ADM).
Earlier in October, Australian Treasurer Joe Hockey said he was extending the deadline for his decision on a proposed takeover of GrainCorp until Dec. 17. Hockey released a statement saying that GrainCorp is “a significant Australian company,” and that “the size of this transaction and the complex nature of the issues involved” meant the deadline should be extended, to “allow sufficient time for the new government to carefully consider all the relevant issues and advice from the Foreign Investment Review Board before making a decision.”
American agribusiness giant Archer Daniels Midland (ADM) has made a multi-billion-dollar bid for GrainCorp.
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