[Greens-Media] GrainCorp Senate Inquiry needs to be completed before Treasurer’s takeover decision

[Redman, Chris (Sen R. Siewert)]

8 November 2013

GrainCorp Senate Inquiry needs to be completed before Treasurer’s takeover decision

The Australian Greens said today that a Senate Inquiry into the proposed takeover of GrainCorp needs to be completed before the Treasurer makes his decision on the acquisition.
The Senate Rural and Regional Affairs and Transport Committee tabled an interim report into the ownership arrangements of grain handling before the Federal Election, but Committee member and Australian Greens agriculture spokesperson Senator Rachel Siewert said today that the process needs to be completed as a matter of priority.
“The Inquiry has heard a range of concerns from growers about the proposed takeover, including the potential for ADM to use its market power to benefit its shareholders at the detriment of Australian farmers,” Senator Siewert said today.
“Growers are rightly worried that ADM could implement changes, such as closing up-country storage sites, restricting access to their grain network or increasing fees. There is also unease about ADM’s corporate culture and the risk that this may introduce into the Australian market.

“The Greens believe that this takeover must be critically examined including protecting Australia’s growers, our rural communities and our future food security. This is especially true when such an asset as substantial as GrainCorp is up for sale.

“The treasurer should consider the recommendations from the interim report as they raise significant issues and allow the Senate Inquiry process to be completed before making a decision on the proposed ADM takeover" said Senator Siewert.