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Australia/US: GrainCorp buyout expected to close this year

 |  September 26, 2013

The $2.8 billion buyout of Australia-based grain giant GrainCorp is expected to finalize before the year’s end, say reports.

Archer Daniels Midland Co announced the tentative timeline for the acquisition, though the company has yet to receive approval by Australia’s Foreign Investment Review Board.

According to reports, clearance of the buyout will be the first test for the nation’s newest Prime Minister, Tony Abbott, who vowed to keep the nation “open for business.”

ADM first announced plans to acquire GrainCorp last April.

Full Content: Reuters

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