Today I have signed an interim order under the Foreign Acquisitions and Takeovers Act 1975 to extend the statutory time period for a decision on Archer Daniels Midland Company’s proposed acquisition of GrainCorp Limited. The interim order provides certainty to all parties by ensuring that a decision will be made by 17 December 2013.
The Government welcomes foreign investment because of the benefits that it provides to the Australian economy. Australia’s foreign investment review framework allows the Government to examine foreign investment applications on a case-by-case basis to ensure they are not contrary to Australia’s national interest.
GrainCorp is a significant Australian company involved in grain marketing, processing, storage and transport in New South Wales, Queensland, and Victoria. Given the size of this transaction and the complex nature of the issues involved, I have decided to extend the statutory time period. This will allow sufficient time for the new Government to carefully consider all the relevant issues and advice from the Foreign Investment Review Board before making a decision.