GrainCorp CEO Resigns Over Blocked Deal

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Dec. 2 (Bloomberg) –- Bloomberg’s David Stringer reports the latest on GrainCorp after a failed takeover bid by ADM and the stock nose-dived during Friday’s session. He speaks to Rishaad Salamat on Bloomberg Television’s “On The Move Asia.” (Source: Bloomberg)

Blocked a $2 billion take.

David is in melbourne.

Did it all become too much for the chief executive?

This follows the decision on friday by australia's government to block the planned takeover by midland.

She had always intended to step down once they completed that planned takeover.

She said she would spend -- she said she spent the weekend wrestling with this decision.

But she has decided to stand down and she will leave the company at the end of january next year.

And she already has a new role to take up, coca-cola amatil saying that she will join the company as a food managing director in march next year.

What are the plans for graincorp now that we have this takeover thing band?

Do they have a clear path?

They say they do.

They are already following a program aimed at increasing earnings by looking to make -- by looking to optimize their handling of infrastructure.

That process has been going on.

They are looking to significantly increase earnings in fiscal 2016. chairman don taylor said today on a call with media that that will be the focus.

He will step in as interim chief executive in mid-january and try to focus on some of those improvements.

Of course, he will also be involved in the process of signing up permanent successor to alison watkins.

He says there is no rush to find a new ceo.

That process is underway and it will be a very careful search, he said.

We have tony abbott pledging that australia would be open for business in the election last in september here and how does he explain this one away?

You are right.

That is a declaration he made shirley after the australian election earlier this year.

Tony abbott has been talking about this decision this weekend.

He was speaking in brisbane on saturday.

He said that no other g 20 country would have authorized

This text has been automatically generated. It may not be 100% accurate.

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