Archer Daniels may increase stake in GrainCorp

Archer Daniels Midland (ADM), which was blocked in its takeover bid for Australia's GrainCorp last year, may try to increase the 19.9% stake it still owns in the grain trader, ADM COO Juan Luciano tells FT.

ADM is committed to Australia, the COO says, noting that Australia is one of the world’s top exporters of wheat and is relatively close to fast-growing markets in Asia, making the country important to ADM’s efforts to diversify sources of grain beyond its historic U.S. base.

Australian Treasurer Joe Hockey said at the time the government ruled against ADM's planned acquisition of all of GrainCorp that he could allow the company to raise its investment stake to 24.9%.

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