Reuters: Regulatory News: Archer Daniels bids $2.8 bln for Graincorp

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Archer Daniels bids $2.8 bln for Graincorp Oct 21st 2012, 22:31 SYDNEY | Sun Oct 21, 2012 6:31pm EDT SYDNEY Oct 22 (Reuters) - Archer Daniels Midland has bid A$2.68 billion ($2.77 billion) for Australian rival Graincorp, a 33 percent premium to the last traded share price, as the U.S agriculture giant seeks to push ahead in the global race for grains trading power. Graincorp, which halted trading in its shares on Friday in anticipation of the takeover offer, said on Monday it was reviewing the A$11.75 a share bid, which is subject to a number of conditions including exclusivity and due diligence. The bid comes at a time of dramatic consolidation in the global grains sector amid intense competition to feed fast-developing countries seeking food security. GrainCorp said Archer Daniels had said it has acquired a 14.9 percent stake through equity derivative contracts. Credit Suisse and Greenhill are advising Graincorp.

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