ANNOUNCEMENT 29 Nov 2013In November 2013, the government of Australia announced changed rules for foreign investors.
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Tony Abbott defends Joe Hockey on GrainCorp decision
Australia surprises with rejection of $2.55 billion GrainCorp takeover by ADM
On 29 November 2013, the Australian government rejected the AUD 2.8 billion (USD 2.55 billion) takeover of GrainCorp by U.S. agribusiness giant Archer Daniels Midland (ADM).
Australian Treasurer Joe Hockey argued, 'Many industry participants, particularly growers in eastern Australia, have expressed concern that the proposed acquisition could reduce competition and impede growers' ability to access the grain storage, logistics and distribution network. Given that the transition towards more robust competition continues and a more competitive network is still emerging, I consider that now is not the right time for a 100% foreign acquisition of this key Australian business.'