Warren Truss.
Warren Truss. Robyne Cuerel

Deputy pleased GrainCorp takeover bid rejected

DEPUTY Prime Minister and Minister for Infrastructure and Regional Development Warren Truss has welcomed the decision by Treasurer Joe Hockey to reject the proposed takeover of GrainCorp by American company Archer Daniels Midland.

Mr Truss reiterated the government's strong support for foreign investment and its continued importance to agriculture in Australia. However, not all foreign takeovers are in the national interest.

"The Australian grain industry must now get on with building a strong future for itself and growing its export markets across the globe," he said.

"I welcome the fact that Australia will continue to have a major locally-owned company dedicated to furthering the interests of the Australian industry."