CHICAGO--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) announced today that it has
entered into an underwriting agreement to sell its 19.9 percent
ownership stake in GrainCorp Limited (ASX: GNC) for a total value of
about A$387 million.
“As part of our ongoing portfolio management, we carefully considered
our equity investment position in GrainCorp and determined that we could
better meet our long-term returns objectives by reallocating that
capital,” said ADM Chairman and CEO Juan Luciano. “This transaction will
allow us to further reduce our invested capital, and it will provide
cash that we can redeploy to higher-return investments as we continue to
execute our balanced capital-allocation framework.”
The transaction has been executed by way of an underwritten sale to an
underwriter. Under the terms of the agreement, ADM will sell all of its
19.9 percent investment in the issued capital in GrainCorp at a price of
A$8.53 per share.
About ADM
For more than a century, the people of Archer Daniels Midland Company
(NYSE: ADM) have transformed crops into products that serve the vital
needs of a growing world. Today, we’re one of the world’s largest
agricultural processors and food ingredient providers, with more than
32,300 employees serving customers in more than 160 countries. With a
global value chain that includes 428 crop procurement locations, 280
ingredient manufacturing facilities, 39 innovation centers and the
world’s premier crop transportation network, we connect the harvest to
the home, making products for food, animal feed, industrial and energy
uses. Learn more at www.adm.com.
Archer Daniels Midland Company
Media Relations
Jackie Anderson
312-634-8484
media@adm.com