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Graincorp Limited (ASX:GNC) Chairman Don Taylor says the Federal Treasurer’s decision to block the foreign takeover of the company is extremely disappointing.
Mr Taylor says the decision, which prohibits the Archer Daniels Midland proposed takeover of Graincorp, will have enduring implications that will be felt by shareholders and the entire industry.
He says Australian agriculture has been prevented from realising the potential benefits from the significant capital ADM would have invested in the long term future of the industry.
The board of Graincorp remains confident of its ability to continue to implement its long term strategy including strategic growth initiatives and strong market fundamentals.
ADM holds a 19.85 per cent interest in Graincorp and must hold that interest until the end of the calendar year.
Graincorp generated a full year net profit of $140.9 million.
(20min delay)