UBS, Morgan Stanley and Goldman Sachs are pitching tonight for a role to underwrite ADM’s exit for its $400 million stake in GrainCorp.
It comes after reports that Archer Daniels Midland was moving to sell its 20 per cent interest in GrainCorp tonight.
However, it is now understood that only half the stake is now being sold.
ADM made an attempt to buy GrainCorp in a $2 billion offer during 2013.
However, the deal was blocked by the Treasurer at the time, Joe Hockey.
It comes amid a period of angst by deal makers surrounding foreign investment, after the recent Australian federal election shifted the power dynamics in parliament towards opponents of foreign investment.
A Dutch auction was underway tonight for the stake, sources said.
Lazard is running the Dutch auction — where the price of the offering is set once all bids are received — on behalf of ADM, sources said.
Brokers’ pitches were due in at 7pm.
According to sources, the deal was likely to be struck at a discount to the close price.
By Bridget Carter
Source: The Australian
Temperature-controlled storage and logistic solution provider, Emergent Cold LatAm, has opened ‘Chile’s largest’ frozen food warehouse. Located in Talcahuano, a region renowned for its seafood and fruit production and exports, the warehouse represents a strategic enhancement of the local cold chain infrastructure.
Never Never gin will be sold through Asahi’s alcohol division, Carlton & United Breweries (CUB). According to the company, the acquisition – which won’t impact daily operations – will enable Never Never’s premium gin to reach a wider customer base while enhancing support and product offerings for existing customers.
Coca-Cola Europacific Partners (CCEP) announced today the forthcoming departure of Nik Jhangiani, senior vice president and chief financial officer, with plans underway to identify his successor. Jhangiani will be stepping down to assume the role of CFO at Diageo later this year.