Media release

Palmer United Party federal leader and Member for Fairfax Clive Palmer has applauded federal Treasurer Joe Hockey’s decision to reject the foreign takeover of GrainCorp.

Mr Palmer said the proposed $3.4 billion takeover of GrainCorp by US grains giant Archer Daniels Midland (ADM) was against the national interest and was rightly blocked by Mr Hockey.

He said there had been strong support for a private members bill opposing the GrainCorp takeover that was backed by his fellow cross benchers Andrew Wilkie, Bob Katter and Adam Bandt.

““I congratulate Joe Hockey for standing firm against the takeover bid for GrainCorp,” Mr Palmer said.

“This decision took political courage. Deputy Prime Minister Warren Truss and the Nationals would have supported the private members bill as it would have affected so many constituents.

“I would like to thank my crossbench colleagues Adam Bandt, Andrew Wilkie and Bob Katter who supported the bill.

“That showed that as a crossbench we worked effectively to get the best outcome for Australians.

“This takeover was against the national interest and should not have been allowed to go ahead.

“GrainCorp shouldn’t be sold to foreign interests because it’s very important for the nation to retain the independence of its agricultural industry.”

ENDS