Decatur, Ill.-based ADM and other grain giants are vying for growing business in China and other emerging markets, where incomes are rising and consumers are eating more meat products and other foods. Rival Cargill, based in Minnetonka, Minn., and one of the world's biggest privately held companies, bought the Australian Wheat Board's trading and storage business in 2011, and Bunge last month said it actively is seeking to expand its presence Down Under.
ADM, one of the world’s biggest grain traders and processors,
confirmed Friday that it bought 10% stake in GrainCorp, bringing its total share to 14.9%, and said it has approached the Australian company in hopes of negotiating a full cash takeover.
J.P. Morgan’s Mr. Jackson named global grain traders including Cargill Inc., Louis Dreyfus and Bunge, Asian grain and oilseed companies Noble Group, COFCO, Olam and Chinese food processors China Foods and Bright Food as possible counter suitors.
