Australian PM could block ADM's $2.1B purchase of GrainCorp

|By:, SA News Editor

Australian Prime Minister Tony Abbott may reportedly veto Archer Daniels Midland's (ADM) A$2.2B ($2.1B) acquisition of crop handler GrainCorp (GRCLF) or impose conditions that would make the deal unviable.

The ruling coalition is divided over the transaction, with some members, including Deputy Prime Minister Warren Truss, opposing it on the grounds of national interest. Wheat growers across Australia are also against the deal.

The decision is the first big test of Abbott's declaration that Australia is "open for business."