Australia extends time for decision on ADM acquisition of Graincorp
CANBERRA Oct 4 (Reuters) - Australian Treasurer Joe Hockey on Friday extended the time period for a foreign investment decision on Archer Daniels Midland Co's acquisition of Australian grain handler GrainCorp Ltd, which is now due by Dec. 17.
The A$3.0 billion ($2.8 billion) deal will be the first major decision of the Foreign Investment Review Board and for Hockey since the election of Australia's new conservative government on Sept. 7.
"Given the size of this transaction and the complex nature of the issues involved, I have decided to extend the statutory time period. This will allow sufficient time for the new government to carefully consider all the relevant issues and advice from the Foreign Investment Review Board before making a decision," Hockey said.