ADM: Announces Sale of Stake in GrainCorp

Chicago / IL. (adm / gcl) Archer Daniels Midland Company (ADM) announced that it has entered into an underwriting agreement to sell its 19.9 percent ownership stake in Australia’s GrainCorp Limited for a total value of about 387 million AUD. «As part of our ongoing portfolio management, we carefully considered our equity investment position in GrainCorp and determined that we could better meet our long-term returns objectives by reallocating that capital», said ADM Chairman and CEO Juan Luciano. «This transaction will allow us to further reduce our invested capital, and it will provide cash that we can redeploy to higher-return investments as we continue to execute our balanced capital-allocation framework». The transaction has been executed by way of an underwritten sale to an underwriter. Under the terms of the agreement, ADM will sell all of its 19.9 percent investment in the issued capital in GrainCorp at a price of 8.53 AUD per share.

Sale of Archer Daniels Midland (ADM) stake in GrainCorp

Sydney / AU. (gcl) «GrainCorp notes the statement from ADM that it has sold its 19.9 percent stake in GrainCorp», says GCL Company Secretary Gregory Greer in a short statement. Not more, not less.
 


Case History – Selection of 11 Announcements Since April 2013

bakenet:eu