Australian Federal Treasurer Joe Hockey MP hasmade an order under the country’s Foreign Acquisition & Takeovers Actprohibiting the acquisition.
Hockeysaid he was rejecting the proposal on national interest grounds after Australia’sForeign Investment Review Board (FIRB) failed to reach a consensusrecommendation.
“Manyindustry participants, particularly growers in eastern Australia, haveexpressed concern that the proposed acquisition could reduce competition andimpede growers’ ability to access the grain storage, logistics and distributionnetwork,” Hockey said.
Hockeysaid
