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Australia: Agribusiness co continues with divestures after posted loss

By  |  May 31, 2013

Agribusiness company Elders announced Friday that it would continue with its plans to sell its rural services and automotive businesses as it posted a net loss of more than $303 million in the six months up to March 31. The loss, compared with a net profit of $47.1 million for the same period the year prior, was blamed by the company on poor weather and slumping livestock markets. According to reports, Elders plans to determine its sales processes by the end of its second half as media reports that company Ruralco seems like a likely winner in the bidding for the divestures. The Australia Competition and Consumer Commission announced that it would not veto any buyout.

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