Greens welcome rejection of GrainCorp takeover

The Australian Greens have welcomed the decision by the Treasurer to reject the takeover of GrainCorp by Archer Daniels Midland.

"We agree with the Treasurer, the takeover of such significant infrastructure is not in the national interest, nor is it in the interests of Australian growers," Senator Rachel Siewert, Australian Greens agriculture spokesperson said today.

"Growers have raised extensive concerns over this proposed sale, especially around the fundamental issues of access, storage closures, handling and transportation costs, and stocks information.
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"Foreign investment is important to Australian agriculture but allowing foreign ownership of a monopoly over our grain industry's essential infrastructure is not in the national interest or the interests of growers.

"There is no doubt that there are on-going issues over infrastructure, access and grain handling which still need to be addressed, but a takeover by ADM is not the way to do that," Senator Siewert concluded.