Australia extends time for decision on ADM acquisition of Graincorp

Reuters

CANBERRA, Oct 4 (Reuters) - Australian Treasurer Joe Hockeyon Friday extended the time period for a foreign investmentdecision on Archer Daniels Midland Co's acquisition ofAustralian grain handler GrainCorp Ltd, which is nowdue by Dec. 17.

The A$3.0 billion ($2.8 billion) deal will be the first majordecision of the Foreign Investment Review Board and for Hockeysince the election of Australia's new conservative government onSept. 7.

"Given the size of this transaction and the complex natureof the issues involved, I have decided to extend the statutorytime period. This will allow sufficient time for the newgovernment to carefully consider all the relevant issues andadvice from the Foreign Investment Review Board before making adecision," Hockey said.

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