October 31, 2012 / 11:00 AM / in 5 years

Russia's Summa asks VEB for financing possible Australian buy

MOSCOW, Oct 31 (Reuters) - Russia’s investment and trading group Summa has asked the state development bank Vnesheconombank, or VEB, to fund a possible acquisition of Australia’s GrainCorp, sources familiar with the process told Reuters on Wednesday.

“There was an apply to VEB. Summa is still interested in global grain business,” one of the sources said.

However, Summa may drop that request because the asset can be too large for the Russian group, another source, familiar with the plans, added.

Summa, co-owner of Russian grain trading firm United Grain Co (UGC), has been interested in global grain trading assets.

Summa and VEB declined to comment.

U.S. agriculture giant Archer Daniels Midland made a $2.8-billion bid for GrainCorp on Oct 22, sending shares in Australia’s last independent grains handler soaring, as markets bet on a higher offer price or rival bids being flushed out.

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