Archer Daniels Midland CompanyADM
notes today's announcement by the Australian Federal Treasurer that he has made an order prohibiting ADM's proposed acquisition of GrainCorp LimitedGRCLF
. “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. “Throughout this process, we worked constructively to create an arrangement that would be in Australia's best interests and made substantial commitments to address issues that were important to stakeholders,” she said. Woertz confirmed there were no conditions or undertakings requestedSee full press release
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