SYDNEY, March 14 (Reuters) - Australia's Co-operative Bulk Handling Ltd (CBH) on Monday rejected a proposal from a consortium backed by GrainCorp Ltd (GNC) to acquire and immediately list the country's largest wheat exporter.
The Australian Grains Champion (AGC), which includes farmers and some former directors of CBH, had proposed to acquire and list the Western Australia state co-operative in a deal that analysts say would be worth up to A$3 billion ($2.2 billion).
The AGC proposal has the financial backing of eastern Australian grain handler GrainCorp Ltd, which had stirred concerns among some farmers that it could eventually acquire CBH.
News: GNC Australia's CBH rejects proposal from GrainCorp-backed consortium
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