News Summary: ADM raises offer for GrainCorp

Associated Press

RAISING THE STAKES: Archer Daniels Midland Co. is increasing its buyout offer for GrainCorp by almost 4 percent and disclosed on Monday that it has already added to its stake in the Australian grain handler.

THE FALLOUT: Under the revised proposal, it would cost ADM about $2.33 billion to buy the rest of GrainCorp.

THE BACKGROUND: ADM said Monday that it owns 19.9 percent of GrainCorp Ltd., up from 14.9 percent when it made its initial acquisition bid in October.

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