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
Danone has appointed Carla Hilhorst to the newly created position of senior vice president of research and innovation categories and zones, as the company looks to make science the heart of its business. Hilhorst, who brings over 30 years of experience in research and innovation, will report directly to Isabelle Esser, Danone’s chief research, innovation, quality and food safety officer.
The move, part of Pernod Ricard’s strategy to enhance its premiumisation efforts, will allow the company to focus more resources on its portfolio of premium international spirits and champagne brands that drive the growth of its business. This decision aligns with the company’s commitment to delivering sustainable value for shareholders, employees, clients and partners.
Schai – who is the current CEO of Swiss chocolate company Lindt & Sprüngli’s Australian operation – has previously worked with Aryzta from 2015-2018, where he served in roles including managing director for Asia Pacific and global strategic business lead (McDonald’s). The fast-food giant McDonald’s is one of Aryzta’s significant clients.
