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  • MEDIA RELEASE Angus Taylor Slams Arrogance of Archer Daniels in Bid For Graincorp

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    Federal Member for Hume Angus Taylor slammed Archer Daniels Midland's arrogance in its bid for Graincorp. Taylor said ADM only had itself to blame for the Treasurer blocking the takeover bid, as ADM was unwilling to agree to ongoing enforceable regulation of its unique market position. Taylor argued that if the takeover was approved with ADM's proposed conditions, it would have been able to exploit an extraordinary market position to the detriment of Australian growers. However, Taylor said the failed bid has benefited the industry by galvanizing grain growers into action to work closely with Graincorp to capitalize on growing Asian markets.

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    ANGUS TAYLOR SLAMS ARROGANCE OF ARCHER DANIELS IN GRAINCORP BID

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    MEDIA RELEASE Angus Taylor Slams Arrogance of Archer Daniels in Bid for Graincorp

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    Federal Member for Hume Angus Taylor slammed Archer Daniels Midland's arrogance in its bid for Graincorp. Taylor said ADM only had itself to blame for the Treasurer blocking the takeover bid, as ADM was unwilling to agree to ongoing enforceable regulation of its unique market position. Taylor argued that if the takeover was approved with ADM's proposed conditions, it would have been able to exploit an extraordinary market position to the detriment of Australian growers. However, Taylor said the failed bid has benefited the industry by galvanizing grain growers into action to work closely with Graincorp to capitalize on growing Asian markets.

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    29 views1 page

    MEDIA RELEASE Angus Taylor Slams Arrogance of Archer Daniels in Bid For Graincorp

    Uploaded by

    Political Alert
    Federal Member for Hume Angus Taylor slammed Archer Daniels Midland's arrogance in its bid for Graincorp. Taylor said ADM only had itself to blame for the Treasurer blocking the takeover bid, as ADM was unwilling to agree to ongoing enforceable regulation of its unique market position. Taylor argued that if the takeover was approved with ADM's proposed conditions, it would have been able to exploit an extraordinary market position to the detriment of Australian growers. However, Taylor said the failed bid has benefited the industry by galvanizing grain growers into action to work closely with Graincorp to capitalize on growing Asian markets.

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    of 1

    29 November 2013

    ANGUS TAYLOR SLAMS ARROGANCE OF ARCHER DANIELS IN GRAINCORP BID


    Federal Member for Hume Angus Taylor has slammed the arrogance of U agr!bus!ness g!ant Archer "an!els M!dland #A"M$ !n !ts d!scuss!ons %!th farm!ng grou&s over the sale of 'ra!ncor&( Mr Taylor sa!d A"M had only !tself to blame for today)s announcement by the Treasurer to bloc* !ts ta*eover b!d( +The!r un%!ll!ngness to agree to ongo!ng enforceable regulat!on of a un!,ue mar*et &os!t!on has been arrogant( Th!s !s a bus!ness %!th h!gher mar*et share than -oles and .ool%orths comb!ned/ and they never acce&ted the !m&l!cat!ons of such a &r!v!leged &os!t!on( The latest offer of add!t!onal money from A"M only 20 hours ago %as s!m&ly a sugar coat!ng/1 Mr Taylor sa!d( +From soon after the b!d %as announced/ 2 have been closely !nvolved !n d!scuss!ons %!th gra!n gro%ers from my electorate/ !nclud!ng the head of the N . Farmers Assoc!at!on 'ra!ns -omm!ttee "an -oo&er/ the Fore!gn 2nvestment 3ev!e% 4oard and A"M( 2t became clear that A"M %as not !nterested !n the future that %e all see for the !ndustry( +2f the ta*eover had been a&&roved %!th the!r &ro&osed cond!t!ons/ A"M %ould have been able to e5&lo!t an e5traord!nary mar*et &os!t!on/ and that %ould have been a d!saster for Austral!an gro%ers( +The fa!led b!d by A"M has had one clear set of benef!ts( The threat of a ta*eover has galvan!sed the Austral!an gra!n gro%!ng !ndustry !nto act!on( 'ro%ers are clear no% on the future d!rect!on/ but there)s much %or* to be done( +The success of the gra!ns !ndustry rel!es on farmers %or*!ng closely %!th 'ra!ncor&( There !s an enormous o&&ortun!ty as As!an mar*ets cont!nue to gro%/ but A"M %as not the r!ght &artner to real!se the o&&ortun!ty/1 he sa!d( For media enquiries !ease "a!! Sara# Bu"$ne!! on %&'' (%%& ) *((+ ,,, %%-.

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