Japanese Sumitomo Corp has acquired full ownership of Emerald Grain, the Australian bulk grain handler, reports Colin Packham of Reuters.
From owning 50 percent of Emerald Grain, Sumitomo took full ownership through its purhcase of its partner in the Australian grain handler, Emerald Agribusiness Group Pty.
Australia's agribusiness sector has seen a wave of foreign interest, causing some political tension. In November Australia rejected a A$2.8 billion (US$2.5 billion) takeover of GrainCorp by US agribusiness giant Archer Daniels Midland, bowing to pressure from grain growers in a rare and surprising decision.
Alan Winney, chairman of Emerald Grain and of Emerald Agribusiness Group Pty, said in an emailed statement that the deal would allow the bulk grain handler access to "significant capital" to fund growth.
"As a 100 percent subsidiary of Sumitomo Corp the company will be able to fund future growth and expansion and compete more effectively in an Australian and Asian grain market that is now heavily influenced by global companies," Winney said.
Full Reuters story can be found here …
From owning 50 percent of Emerald Grain, Sumitomo took full ownership through its purhcase of its partner in the Australian grain handler, Emerald Agribusiness Group Pty.
Australia's agribusiness sector has seen a wave of foreign interest, causing some political tension. In November Australia rejected a A$2.8 billion (US$2.5 billion) takeover of GrainCorp by US agribusiness giant Archer Daniels Midland, bowing to pressure from grain growers in a rare and surprising decision.
Alan Winney, chairman of Emerald Grain and of Emerald Agribusiness Group Pty, said in an emailed statement that the deal would allow the bulk grain handler access to "significant capital" to fund growth.
"As a 100 percent subsidiary of Sumitomo Corp the company will be able to fund future growth and expansion and compete more effectively in an Australian and Asian grain market that is now heavily influenced by global companies," Winney said.
Full Reuters story can be found here …
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