Australia Prohibits ADM's Proposed Acquisition Of GrainCorp

(RTTNews) - Archer Daniels Midland Co. (ADM) said Thursday that the Australian Federal Treasurer has made an order prohibiting the agribusiness company's proposed acquisition of GrainCorp Ltd. (GNC.AX). "We are disappointed by this decision. We are confident that our acquisition of GrainCorp would have created value for shareholders of ADM and GrainCorp, as well as grain growers and the Australian economy," said ADM Chairman and CEO Patricia Woertz.

Woertz confirmed there were no conditions or undertakings requested of ADM by the Treasurer.

Concerning ADM's plans for its current investment in GrainCorp, Woertz said, "As owner of 19.85 percent of GrainCorp, we will look to work with them to maximize returns on our investment and create value for both companies."