ACCC extends review of proposed sale of GrainCorp's (ASX:GNC) Australian Bulk Liquid Terminals assets

Company News

by Rachael Jones

GrainCorp (ASX:GNC) reports that the Australian Competition and Consumer Commission has extended the timeline for its review of the proposed sale of GrainCorp’s Australian Bulk Liquid Terminals assets to ANZ Terminals.

The decision date has been extended by a further 15 days, from 31 October 2019 to 15 November 2019.

The proposed sale also remains subject to other conditions, including Foreign Investment Review Board approval. GrainCorp and ANZ Terminals are working productively towards the satisfaction of all conditions.

Due to this, Graincorp has decided to send the Scheme Booklet to shareholders for the proposed demerger of GrainCorp’s Malt business in the first quarter of calender year 2020.

Shares in GrainCorp (ASX:GNC) closed 1.32 per cent lower at $7.49 yesterday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.