DECATUR, Ill.--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE:ADM) notes today’s announcement by
the Australian Federal Treasurer that he has made an order prohibiting
ADM’s proposed acquisition of GrainCorp Limited (ASX:GNC).
“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 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.”
Woertz also commented on ADM’s business planning in light of this
development. “We are reviewing our capital allocations, including
shareholder distribution alternatives, as part of our 2014 business plan
process currently underway. We have an attractive pipeline of
opportunities that are consistent with our focus on value creation and
fit our strategy for profitable growth.”
About ADM
For more than a century, the people of Archer Daniels Midland Company
(NYSE: ADM) have transformed crops into products that serve vital needs.
Today, 30,000 ADM employees around the globe convert oilseeds, corn,
wheat and cocoa into products for food, animal feed, industrial and
energy uses. With more than 265 processing plants, 460 crop procurement
facilities, and the world’s premier crop transportation network, ADM
helps connect the harvest to the home in more than 140 countries. For
more information about ADM and its products, visit www.adm.com.
Archer Daniels Midland Company
Media Relations
Jackie Anderson, 217-424-5413
media@adm.com