Treasurer Chris Bowen should reject the takeover of GrainCorp by a US food giant, the Nationals say. Source: AAP
THE Nationals are calling on new Treasurer Chris Bowen to reject a foreign takeover of Australia's largest grains handler GrainCorp.
US food giant Archer Daniels Midland is awaiting approval from the Foreign Investment Review Board (FIRB) and Chinese regulators.
But the Nationals say the takeover is not in the interest of grain growers or the nation.
Senator Fiona Nash says GrainCorp has a virtual monopoly on grain storage, handling and logistics on the eastern seaboard of Australia, holding almost all the ports and about 280 receiver sites.
"This is potentially going into the hands of an enormous grain giant multinational," she told reporters in Canberra on Friday.
"Our system will become a tiny cog in that giant empire, so we're calling on the treasurer to reject any approval from the FIRB on this takeover."
The Australian Competition and Consumer Commission on Thursday said it would not oppose the $3 billion-plus takeover, as GrainCorp directors this week urged shareholders to accept the offer under a deal where shareholders would receive $13.20 per share.
Nationals senator Barnaby Joyce said the issue was a challenge for the new treasurer to prove he was up to the job.
"The treasurer has got to prove his mettle and that he works on behalf of the Australian people and Australian farmers," he said.
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