Australia rejects ADM takeover bid
The Australian government Friday rejected a $2.7 billion takeover bid for GrainCorp by U.S. agribusiness giant Archer Daniels Midland, saying the deal was against the national interest. In a surprise decision, Australian Treasurer Joe Hockey said that the country’s foreign investment review board had failed to reach a consensus and that he personally made the call blocking the deal, nodding to opposition from smaller grain growers and the general public. The rejection of the ADM bid for GrainCorp may raise concerns among foreign investors. ADM, based in Decatur, Ill., had sought to acquire GrainCorp for more than a year, and this past week it offered to invest more in Australia if it succeeded in its bid for one of the country’s biggest grain producers.
Closing to bring work to Omaha
US Foods says it plans to close its plant in southern Minnesota and transfer work to other facilities, including in Omaha. The company did not say how many jobs will be impacted by the closure or the targeted date for shutting down the plant in Fairmont. Company spokeswoman Lisa Lecas issued a statement saying the work at the Fairmont distribution center will be sent to plants in Omaha, Plymouth, Minn., and Iowa City.
Britain weighs curbs on cigarette packaging
Until recently, the British government appeared to be on the verge of rejecting sweeping restrictions on cigarette packaging. But on Thursday it changed course, announcing a policy review that could lead to curbs on labeling and require the use of neutral colors on packages.The effort is the latest in a series of health initiatives across Europe meant to force the tobacco industry to make cigarettes appear less attractive to younger people, and in that way prevent them from taking up the habit. Britain’s inquiry, which would conclude by next March, will focus on the experience of Australia, which has introduced standardized packaging.
— From wire reports