SYDNEY, March 19 (Reuters) - Australia’s competition watchdog is reviewing a proposed takeover of agribusiness company Elders Ltd by larger peer Ruralco Holdings Ltd , the agency said on Tuesday.
Ruralco, which operates 97 rural merchandise stores across Australia, has proposed acquiring 100 percent of shares in Elders Rural Services, Elders’ agribusiness unit, the Australian Competition and Consumer Commission (ACCC) said in a statement.
Both companies could not be reached for comment outside business hours.
Ruralco acquired a 10.1 percent stake in Elders in June 2012. Elders shares closed 8.3 percent higher on Tuesday to A$0.13, prior to the ACCC’s announcement.
Reporting By Maggie Lu Yueyang; editing by Miral Fahmy