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Greens And Palmer Back GrainCorp Decision; ALP Says Hockey Acts In The Nationals Interest

Treasurer Joe Hockey’s decision to block the ADM takeover of GrainCorp has met with approval from the Greens and Clive Palmer but has been criticised by the ALP as an attack on foreign investment and a capitulation to The Nationals.

Shadow Treasurer Chris Bowen said Hockey had failed his first big test of credibility as Treasurer. He said Hockey had acted not in the national interest but in the interests of The Nationals. “Hockey can be bullied afterall,” Bowen said. [Read more…]


Treasurer Joe Hockey Blocks ADM Takeover Of GrainCorp

The Treasurer, Joe Hockey, has blocked the takeover of GrainCorp by the American company Archer Daniels Midland.

Hockey

Hockey used the power given to him alone as Treasurer to reject the foreign investment application. ADM was seeking to increase its current shareholding of 19.85% to 100%. Hockey said he would permit ADM to hold 24.9%. [Read more…]