A05 Agriculture Forestry and Fishing Support Services

Doubts rise over valuation of GrainCorp bid

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Original article by Brad Thompson
The Australian Financial Review – Page: 17 : 20-Dec-18

GrainCorp has advised shareholders that the board is not yet in a position to make a recommendation on whether to accept the $3.3bn takeover bid from Long-Term Asset Partners. The suitor has been given permission to undertake due diligence, but GrainCorp chairman Graham Bradley says the agribusiness will seek more information from LTAP regarding its long-term intentions and its financing arrangements. LTAP contends that its offer is superior to a 2013 bid by Archer Daniels Midland, which was backed by GrainCorp’s board but subsequently blocked by the federal government.

CORPORATES
GRAINCORP LIMITED – ASX GNC, LONG-TERM ASSET PARTNERS PTY LTD, ARCHER DANIELS MIDLAND COMPANY, GOLDMAN SACHS AUSTRALIA PTY LTD, WESTBOURNE CAPITAL PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, ALLIANZ AG HOLDING

GrainCorp holds out on $3.3bn bidder

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Original article by Andrew White
The Australian – Page: 17 & 20 : 4-Dec-18

Belinda Moore of Morgans Financial has described a $3.3bn takeover bid for GrainCorp as "opportunistic" due to the drought on Australia’s east coast. Meanwhile, GrainCorp directors are seeking more information on the financial backers of Long-Term Asset Partners, whose offer of $10.42 per share represents a premium of 43 per cent to GrainCorp’s closing price on 30 November. LTAP is chaired by Australian businessman Tony Shepherd. GrainCorp shares closed $1.95 higher at $9.25 on 3 December.

CORPORATES
RANCOR LIMITED – ASX GNC, LONG-TERM ASSET PARTNERS PTY LTD, MORGANS FINANCIAL LIMITED, GOLDMAN SACHS AUSTRALIA PTY LTD, ELLERSTON CAPITAL PTY LTD, PERPETUAL LIMITED – ASX PPT, ARCHER DANIELS MIDLAND COMPANY, BGH CAPITAL PTY LTD, AUSTRALIANSUPER PTY LTD, NAVITAS LIMITED – ASX NVT, HEALTHSCOPE LIMITED – ASX HSO, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, LONG TERM ALPHA ONE, LONG-TERM ASSET PARTNERS NOMINEES, AURIZON HOLDINGS LIMITED – ASX AZJ, DEUTSCHE BANK AG, WESTBOURNE CAPITAL PTY LTD, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

ADM beats a retreat on GrainCorp

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Original article by Sue Neales, Gretchen Friemann
The Australian – Page: 19 & 23 : 27-Jul-16

There has been a lukewarm response to the offmarket sale of Archer Daniels Midland’s 19.85 per cent stake in Australian-listed GrainCorp. ADM failed to attract interest in the shareholding when it was offered via Lazard on 26 July 2016. The Federal Government blocked ADM’s takeover bid for GrainCorp in late 2013, ruling that the deal was not in the national interest. ADM’s move to divest its stake may have been prompted by the Government’s continued tough stance on foreign ownership of agricultural assets, particularly given the National Party’s increased influence in cabinet following the federal election.

CORPORATES
GRAINCORP LIMITED – ASX GNC, ARCHER DANIELS MIDLAND COMPANY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES, SHANGHAI PENGXIN GROUP COMPANY LIMITED, S KIDMAN AND COMPANY PTY LTD, LAZARD PTY LTD, UBS HOLDINGS PTY LTD, GOLDMAN SACHS AUSTRALIA GROUP HOLDINGS PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, CBH LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Graincorp up on PM change

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Original article by Jared Lynch
The Australian Financial Review – Page: 30 : 17-Sep-15

Shares in GrainCorp have risen by nearly nine per cent since Malcolm Turnbull became Prime Minister. There has been speculation that Archer Daniels Midland could make a new takeover bid for GrainCorp due to the leadership change. Archer’s previous bid in 2013 was blocked by Treasurer Joe Hockey on national interest grounds. Belinda Moore of Morgans Financial attributes the share price rally to expectations that the Federal Government will be more open to foreign investment under Turnbull.

CORPORATES
GRAINCORP LIMITED – ASX GNC, ARCHER DANIELS MIDLAND COMPANY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, MORGANS FINANCIAL LIMITED, ELLERSTON CAPITAL PTY LTD, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, LIBERAL PARTY OF AUSTRALIA

GrainCorp chair hails CEO’s global expertise

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Original article by Andrew White
The Australian – Page: 20 : 13-Aug-14

Mark Palmquist has been appointed the new CEO of Australian-listed rural commodities trading group GrainCorp, meaning executive chair Don Taylor will now serve as chair only. The latter had succeeded Alison Watkins in late 2013. Palmquist is joining GrainCorp from his roles as vice-president and COO of the agriculture unit at US-based CHS, and Taylor says this background will be a major benefit in implementing a new strategy at GrainCorp. The company is considering acquisitions, and has spent $A10m on a 10% holding in Egyptian client Five Star Flour Mills

CORPORATES
GRAINCORP LIMITED – ASX GNC, COCA-COLA AMATIL LIMITED – ASX CCL, CHS INCORPORATED, FIVE STAR FLOUR MILLS, ARCHER DANIELS MIDLAND COMPANY, AUSTRALIA. DEPT OF THE TREASURY

Visit sowed seed for Olam grain purchase

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Original article by Rick Wallace
The Australian – Page: 18 : 7-Jul-14

Mitsubishi Corporation’s interest in Australia’s grain market stemmed from a visit to a grain terminal by chairman Yorihiko Kojima in 2008. The Japanese company has acquired Olam International’s Australian handling infrastructure for nearly $A70 million. Kojima said that his visit revealed the financial and technological advancement of the Australian agriculture sector. Kojima is part of a delegation arriving in Australia on 7 July 2014

CORPORATES
MITSUBISHI CORPORATION, OLAM INTERNATIONAL LIMITED, SUMITOMO CORPORATION, EMERALD GRAIN PTY LTD, MITSUI AND COMPANY LIMITED, PLUM GROVE PTY LTD, TRANS-PACIFIC PARTNERSHIP

GrainCorp calls for level playing field

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Original article by Andrew White
The Australian – Page: 22 : 18-Jun-14

The Australian Government recently issued a proposed code of conduct for new, more liberal access regulation at grain export shipping terminals. In areas where new operators have set up, a relaxing of the rules can be applied for to the Australian Competition & Consumer Commission. However Don Taylor, chair of the locally-listed GrainCorp, notes that a loophole will allow overseas groups to enjoy less onerous regulations. He is calling on the Federal Government to address the issue

CORPORATES
GRAINCORP LIMITED – ASX GNC, QUBE HOLDINGS LIMITED – ASX QUB, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, CARGILL AUSTRALIA LIMITED, CARGILL INCORPORATED, PORT OF BRISBANE CORPORATION, PORT OF NEWCASTLE CORPORATION, PORT KEMBLA PORT CORPORATION, NOBLE GROUP LIMITED, NOBLE RESOURCES AUSTRALIA PTY LTD, SUMITOMO AUSTRALIA LIMITED, SUMITOMO CORPORATION, LOUIS DREYFUS AUSTRALIA PTY LTD, NEWCASTLE AGRI TERMINAL PTY LTD, OLAM AUSTRALIA PTY LTD, GLENCORE XSTRATA PLC, CBH LIMITED, CO-OPERATIVE BULK HANDLING LIMITED