CHICAGO Aug 7 Archer Daniels Midland Co
said on Wednesday that South Korea had cleared the grain
trader's takeover of GrainCorp Ltd, leaving China and
Australia as the last two countries that need to approve the
The Korea Fair Trade Commission became the seventh
government agency to approve the nearly A$3.0 billion ($3.1
billion) acquisition, according to ADM.
U.S.-based ADM, one of the world's largest agricultural
trading houses, is among the four large players known as the
"ABCD" companies that dominate the flow of farm goods around the
world. The others are Bunge, Cargill Inc and
Louis Dreyfus Corp.
ADM struck a deal in April to buy Australian grain handler
GrainCorp, the latest move in the rapid consolidation of the
global grain sector amid intense competition to feed
fast-developing countries like China.
The takeover is on track to close by the end of the year,
ADM Chief Executive Officer Patricia Woertz said on a conference
call on Tuesday after the company issued quarterly earnings.
In a sign of China's growing scrutiny of global M&A deals,
GrainCorp and ADM tailored their agreement to include an extra
payment for shareholders from October to reflect an expected
delay in approval from China's Ministry of Commerce.
GrainCorp has an edible oils facility in China.