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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Graincorp Limited | ASX:GNC | Australian Stock Exchange | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.59 | 8.99 | 8.15 | 0.00 | 00:49:34 |
From May 2019 to May 2024
By Josh Beckerman
Archer Daniels Midland Co. has agreed to sell its 19.9% stake in Australian grain merchant GrainCorp Ltd. for about 387 million Australian dollars ($287 million).
Commodity trader ADM said the sale will provide cash that it can use for higher-return investments.
Media reports in July said ADM attempted and cancelled a sale of the stake. ADM bought its 19.9% interest in GrainCorp in 2012 and hoped to buy the whole company, but Australia's government blocked that effort in 2013.
ADM will sell its GrainCorp shares for A$8.53 each.
On Nov. 1, ADM reported a higher third-quarter profit and said its agriculture services unit posted strong results driven by a surge in U.S. exports.
In after-hours trading, ADM was flat at $44.31.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
December 01, 2016 17:20 ET (22:20 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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