The world’s slowest moving “simplification” crusade,the brainchild of BHP chief Andrew Mackenzie,has finally made it to the Big Australian’s headquarters.
Farmers say they could support the sale of Graincorp as long as the buyer provided long-term certainty and continued investment into rural communities.
If only every M&A deal was as slow cooked as Tony Shepherd’s surprise $3.3 billion pounce on the Graham Bradley-chaired GrainCorp.
The bid comes at a time when Australia is facing one of its worst harvest seasons due to the long-term impact of a drought across the east coast.
A drought-ravaged east coast cropping landscape has shrivelled the bulk grain shipper and handler's balance sheet,with full-year profit plunging 43.7 per cent.
A 12-day journey by sea from the west coast to the east is dramatically re-drawing how Australia’s grains industry works.
Graincorp has lifted its full-year profit guidance despite the crippling eastern Australia drought.
GrainCorp will inject more than $30 million into expanding its North American operations through a joint venture with Japan's Zen-Noh Grain Corporation.
Wheat growers are expected to escape the worst effects of an El Nino,according to the commodity forecaster,which raised production estimates in the wake of a soggier-than-expected winter,with more rain to come.