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Treasurer Joe Hockey will block the foreign takeover of Graincorp Limited (ASX:GNC).

 

Mr Hockey told reporters he would oppose a $3.4 billion offer from US giant Archer Daniels Midland to buy Australia’s largest agribusiness.

 

He said he was conscious of the national interest when making the decision.

 

Mr Hockey said his decision on the proposed takeover was reached after long and careful deliberations.

 

Of 131 significant foreign investment applications the government has dealt with, this is the only application it has prohibited.

 

Graincorp generated a full year net profit of $140.9 million.