| CHICAGO, Sept 25
CHICAGO, Sept 25 Archer Daniels Midland Co
continues to expect to complete its acquisition of
Australian grain handler Graincorp Ltd by the end of
the year, the U.S. agribusiness giant's chief executive officer
said on Wednesday.
CEO Patricia Woertz reiterated the previously announced
timeline as ADM continued to wait for regulatory approval of the
nearly A$3.0 billion ($3.1 billion) deal from China and
Australia. Graincorp has an edible oils facility in China.
"We're very anxious to put that (Graincorp) as part of our
family and part of our portfolio," Woertz said in comments
before a gathering of business leaders in Chicago.
ADM is one of four large players known as the "ABCD"
companies that dominate the flow of agricultural goods around
the world. The others are Bunge Ltd, Cargill Inc
and Louis Dreyfus Corp.
ADM's planned purchase of Graincorp, announced in April, is
the latest move in the rapid consolidation of the global grains
sector amid intense competition to feed fast-developing
countries like China.
Global expansion is central to ADM's long-term growth
strategy, with the Graincorp deal expected to increase exports
to China and the Middle East, Woertz said.
ADM on Monday said it was scouting locations for new
corporate headquarters because the company is becoming more
global. ADM's headquarters have been located in Decatur,
Illinois, about three hours south of Chicago, for the past 44
Chicago business leaders at the meeting on Wednesday said
they were ready to welcome ADM to the city. City officials and
ADM have discussed a potential move to Chicago,
"We're keeping our options open and we're looking," Woertz
told the crowd on Wednesday. "Stay tuned."