Graincorp Limited
(ASX:GNC) will play a key role in the global food boom if the Archer Daniels Midland takeover goes ahead.
President of Archer Daniels Midland Ian Pinner says the GrainCorp proposal was the largest in its 110-year history.
Mr Pinner says suggestions the global agribusiness will underinvest in Australia are untrue and that its plan is to grow the business.
The comments come amid opposition to the takeover bid by federal opposition politicians and rural groups.
A second Senate hearing into the nation's grains handlers will begin in Canberra tomorrow, with GrainCorp's chief executive officer Alison Watkins set to appear.
Graincorp’s net profit narrowed to $88.2 million in the first half the 2013 financial year.
