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Australian Treasurer rejects proposed takeover of Australian agricultural business by US company

29 November 2013

Australian Treasurer Joe Hockey has today (29 November 2013) made an order under the Foreign Acquisitions and Takeovers Act 1975 prohibiting the proposed A$3.4 billion acquisition by US crop transportation and logistics entity Archer Daniels Midland Company (ADM) of 100% of the shareholding in GrainCorp Limited (GrainCorp) on the basis that the acquisition was contrary to the national interest.

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