Topics:  foreign investment, graincorp, stocks and shares

Graincorp stocks soar after foreign takeover bid

STOCKS in Australian grain marketer Graincorp soared nearly 40% on Monday after a takeover bid was revealed from US giant Archer Daniels Midland.

The grain export company had been in a trading halt after ADM revealed it took over 14.9% of the Australian company through derivative equity deals earlier this month.

On Monday morning, Graincorp announced to the market it had received an official bid from ADM, sending traders into a rush buy on the company stock.

Reader poll

Have we gone too far in selling off the farm?

This poll ended on 21 October 2013.

Yes

82%

No

18%

This is not a scientific poll. The results reflect only the opinions of those who chose to participate.



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