Deals
ADM’s GrainCorp Bid Would’ve Been Blocked by Others, Abbott Says
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Australia’s decision to block Archer-Daniels-Midland Co.’s $2 billion bid for GrainCorp Ltd. would have been made by other large economies in similar circumstances, Prime Minister Tony Abbott said.
The decision, which sent shares in Australia’s only publicly traded grain merchant falling by the most since its 1998 listing after it was announced Nov. 29, was the right one, Abbott told media at an event in Brisbane yesterday marking the country’s presidency of the Group of 20 major economies.