October 29, 2013 / 1:36 PM / 4 years ago

ADM expects to complete GrainCorp deal in Q1 2014, executive says

CHICAGO, Oct 29 (Reuters) - Archer Daniels Midland Co expects to complete its acquisition of Australian grain handler GrainCorp Ltd in the first quarter of 2014, Chief Operating Officer Juan Luciano said on Tuesday.

ADM, one of the world’s top grain traders, had expected to complete the deal by the end of the year.

ADM agreed in April to buy GrainCorp for A$3.0 billion ($2.8 billion), the latest move in the rapid consolidation of the global grains sector amid intense competition to feed fast-developing countries like China.

ADM is awaiting regulatory approvals in China and Australia.

Australian Treasurer Joe Hockey this month extended the deadline for a regulatory decision to Dec. 17 due to the size and “complex nature” of the transaction.

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