ADM raises bid for Australia’s GrainCorp to US$2.9b

US agribusiness giant Archer Daniels Midland Co moved closer to securing GrainCorp Ltd after raising its takeover bid to US$2.9 billion and hiking its stake in Australia’s last major independent grains handler.

The offer comes at a time of dramatic consolidation in the global grains sector amid intense competition to feed fast-developing countries seeking food security.

GrainCorp is the last available independent asset of scale in Australia, the world’s second-largest wheat exporter and an attractive market due to stable policies and good links to Asia.

via Business feed http://www.scmp.com/business/companies/article/1097207/adm-raises-bid-australias-graincorp-us29b