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Australia blocks $3.1b bid for GrainCorp

GrainCorp owns grain storage sites and terminals.AFP/Getty Images

Australia blocked the $3.1 billion takeover bid by US food giant Archer Daniels Midland Co. for GrainCorp on Friday. Treasurer Joe Hockey, invoking a rarely used power to veto foreign investment, said he rejected the takeover because it would not be in Australia’s national interest. ADM, which owns a nearly 20 percent stake in GrainCorp, offered to buy the rest of the company last year. Chief executive Patricia Woertz said ADM was disappointed by the move.