31 Oct 2012

Senator against Graincorp takeover bid

1:02 pm on 31 October 2012

NSW Senator John Williams fears a successful takeover of Graincorp by a US company could leave bulk wheat exports from Australia under foreign control.

AAP reports Archer Daniels Midland of Illinois launched a $A2.7 billion takeover offer for GrainCorp on 22 October.

''GrainCorp has basically five of our seven export facilities on the eastern coast of Australia," Senator Williams (NSW Nationals) said in Canberra on Wednesday.

If the company is sold, he said 95% of Australia's wheat exports would be controlled by a foreign company.

"When you export our businesses, you actually export our profits as well," he said.

AAP reports the Foreign Investment Review Board will have the final say on whether the takeover goes ahead.