USA & Australia: ADM expects to achieve all regulatory approvals for GrainCorp acquisition soon

Archer Daniels Midland Co. (ADM) expects to soon achieve all regulatory approvals for the company’s acquisition of GrainCorp Ltd. and to close the acquisition early next year, World-Grain.com reported on October 31.

Seven out of nine jurisdictions have cleared the acquisition of GrainCorp, an Australian agribusiness, said Juan Luciano, executive vice-president and chief operating officer for ADM.

“In the third quarter we received clearance from South Africa, Japan, the European Commission and South Korea,” he said. “We continue to work with authorities in Australia and China to achieve the final approvals.

“Earlier this month, the Australian treasurer issued an interim order which commits the government to a decision by Dec. 17 at the latest. Based on this, we expect closing to be sometime in the first quarter of 2014.”

In May of this year ADM announced plans to acquire GrainCorp in an offer that implied an aggregate transaction value of about A$3.4 billion ($3.2 billion).

01 November, 2013