Wednesday, 13 November 2013
That the Senate—
(b) calls on the Treasurer (Mr Hockey) to reject the takeover bid of GrainCorp by Archer Daniels Midland.
In the view of the government it would not be appropriate for the Senate to prejudge the Treasurer's decision on the Archer Daniels Midland company's proposed acquisition of GrainCorp Ltd. Parliament has enacted a clear process for reviewing foreign investment proposals. Under the legislation the Treasurer is responsible for making decisions on foreign investment proposals that raise national interest concerns.
The Treasurer has extended the deadline for his decision to 17 December 2013, and will make a decision after all the relevant issues and advice from the Foreign Investment Review Board have been considered. The foreign investment review framework is a well-established process that has served Australia well for decades, and the process should, in the opinion of the government, be allowed to run its course.