CANBERRA Oct 4 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
"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.