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GrainCorp Spends A$472 Million to Expand Edible Oils Unit

GrainCorp Ltd., eastern Australia’s largest grain handler, agreed to buy Gardner Smith Group and Integro Foods for about A$472 million ($489 million) in shares and debt to expand its edible oils unit.

Gardner Smith holders will get between A$110 million and A$121 million of GrainCorp shares priced at A$9.79 each, Sydney-based GrainCorp said today in a statement. The balance will be funded by debt and about A$159 million from selling new stock to existing shareholders.