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Australia blocks Archer Daniels Midland takeover bid
http://www.rawstory.com/rs/2013/11/28/comet-ison-vanishes-as-it-circles-the-sun/
Australia blocks Archer Daniels Midland takeover bid
By Agence France-Presse
Thursday, November 28, 2013 21:36 EST
The Australian government rejected Friday the Aus$3 billion (US$2.7 billion) sale of GrainCorp to American agribusiness giant Archer Daniels Midland (ADM), saying it went against the national interest.
Treasurer Joe Hockey said the sector was still moving towards more robust competition and a foreign takeover of the biggest grain handler in eastern Australia could undermine public support for foreign investment in general.
“Now is not the right time for a 100 percent foreign acquisition of this key Australian business,” he said.
The bid met strong opposition from grower groups and the National Party, which is part of the governing coalition that declared Australia “open for business” after winning September elections.