summa unlikely to bid for graincorp

1, 2012, 11:10 AM
Russia’s Summa Unlikely To Bid For GrainCorp

Russian privately-owned investment and trading company Summa Group is unlikely to bid for Australia’s GrainCorp Ltd. GNC.AU +0.16%, which it has considered for acquisition, a person familiar with the matter said Wednesday.

Summa, the co-owner of Russian grain trader United Grain Company was asking Russian state development bank Vnesheconombank (VEB) to finance the deal, the person said.


Associated Press However, “due to many different factors” Summa “is unlikely to proceed with the bid”, the person said.

Summa is planning to announce its long-term strategy, which will include the company’s plans outside Russia, notably in Europe and Asia.

GrainCorp’s board is yet to form a view on a 2.7 billion Australian dollar (US$2.9 billion) takeover proposal from Archer Daniels Midland Co. ADM -0.78%

http://blogs.wsj.com/dealjournalaustralia/2012/11/01/russias-summa-unlikely-to-bid-for-australia-graincorp/