Largest Shareholder and Palmer to Protect Nation and Oppose GrainCorp Takeover

Media release

Palmer United Party federal leader and Member for Fairfax Clive Palmer has joined forces with GrainCorp’s largest shareholder Don Seaton to oppose a foreign takeover of GrainCorp because it threatens the national interest.

Mr Palmer said the proposed $3.4 billion takeover of GrainCorp by US grains giant Archer Daniels Midland (ADM) should be blocked by federal Treasurer Joe Hockey.

“The Palmer United Party is strongly supporting Don Seaton in opposing the takeover of GrainCorp by ADM,” Mr Palmer said.

“This takeover is against the national interest and should not be allowed to go ahead.

“Joe Hockey has no choice but to block this takeover as it will be a disaster for Australian grain producers.

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

“We think it’s a negative thing for Australia and like Don Seaton we’re dead against it.

“I intend to follow Warren Truss’ lead and do all I can to stop the sale and protect Australian interests.

“It’s a time when all National Party members stand up and put politics aside and do what’s best for Australians and their constituents.”

Mr Hockey is due to make a decision on the GrainCorp takeover on December 17.