Oz re­jects US group takeover

Weekend Argus (Saturday Edition) - - BUSINESS -

SYD­NEY: The Aus­tralian gov­ern­ment re­jected the Aus$3 bil­lion (R27.6bn) sale of GrainCorp to US agribusi­ness gi­ant Archer Daniels Mid­land, say­ing it went against the na­tional in­ter­est.

An of­fi­cial said the sec­tor was still mov­ing to­wards more ro­bust com­pe­ti­tion and a for­eign takeover could un­der­mine pub­lic sup­port for for­eign in­vest­ment in gen­eral.

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