ADM Now Owns 15 Percent Of Australia's GrainCorp

Agribusiness conglomerate Archer Daniels Midland, seeking to acquire GrainCorp, said Friday that it now owns nearly 15 percent of the Australian grain handler. Archer Daniels Midland Co. purchased a 10 percent stake in GrainCorp Ltd. Thursday night, adding to its existing 4.9 percent holding.

NEW YORK (AP) — Agribusiness conglomerate Archer Daniels Midland, seeking to acquire GrainCorp, said Friday that it now owns nearly 15 percent of the Australian grain handler.

Archer Daniels Midland Co. purchased a 10 percent stake in GrainCorp Ltd. Thursday night, adding to its existing 4.9 percent holding.

The Decatur, Ill., company spent $11.75 Australian dollars ($12.20) for each share.

ADM wants to invest in overseas suppliers, CEO Patricia Woertz said. The company has approached GrainCorp about a deal, and wants its board to recommend that the Australian company sell itself to ADM.

Australia is a major exporter of many commodities, from minerals such as iron ore to agricultural goods like wheat.

ADM shares dipped 13 cents to $28.94 in morning trading.

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