Nationals pushing for Labor to reject Graincorp takeover

Senator Fiona Nash.
Senator Fiona Nash.

THE Coalition has promised increased scrutiny of foreign investments after the Nationals Federal Council moved for a rejection of the Graincorp takeover on the weekend.

Nationals Senator Fiona Nash said the party had called on the government to reject the ADM proposal to takeover Graincorp.

The proposed takeover would see the United States oilseeds giant buy up much of Australia's grain handling on the eastern seaboard, and is subject to consideration by Foreign Investment Review Board.

Senator Nash said she had little faith in the FIRB rejecting the takeover, promising scrutiny of all such takeovers worth more than $15 million.

She said the Coalition pledged the board would review such takeovers, bringing the scrutiny threshold down from more than $200 million it is currently set at.

The Coalition would also add extra people to the board, including those with agricultural and business expertise on the board, if elected.

Topics:  adm australian government business coalition fiona nash graincorp labor nationals

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