Treasurer Joe Hockey has given the government more time to consider the proposed takeover of Graincorp Limited
(ASX:GNC)
A decision on the $3.4 billion offer from US grain giant Archer Daniels Midland will now be made on December 17.
Mr Hockey extended the statutory time period to allow the government time to consider the issues surrounding the deal.
The Nationals are opposed to the sale, as it would mean ADM, Cargill and Glencore would control almost 60 per cent of Australia's wheat shipments and put most of the nation's grain export infrastructure in foreign hands.
The Australian Competition and Consumer Commission said in June it would not oppose the $3.4 billion takeover.
Graincorp posted a net profit of $88.2 million in the first half of its 2013 financial year.
