SYDNEY: Australia rejected a A$2.8 billion ($2.6 billion) takeover of GrainCorp by U.S. agribusiness giant Archer Daniels Midland (ADM) on Friday, bowing to pressure from grain growers in a rare and surprising decision.
GrainCorp shares plunged, losing a quarter of their value, as the rejection by Treasurer Joe Hockey effectively ring-fenced Australia's last major independent grains handler from any takeover.
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