Europeans Clear Archer Daniels Midland to Buy GrainCorp
Two months after Archer Daniels Midland said it had reached an agreement to acquire Australian grain processor GrainCorp for $3.5 billion, ADM has just received another go-ahead to do just that.
On Monday, ADM announced that Europe's antimonopoly authority, the European Commission, has approved the acquisition. ADM notes that with approvals from the Japan Fair Trade Commission, South Africa's Competition Commission, Canada's Competition Bureau, the Australian Competition and Consumer Commission, and the United States Federal Trade Commission all in the bag already, the EC's stamp of approval makes it six-for-six.
Negotiations to win three final needed approvals, from other regulators in Australia, and also from China and South Korea, are ongoing.
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