Media release

Palmer United Party West Australian Senate team leader Dio Wang has called on National Party members of the federal government to stop the foreign takeover of GrainCorp because it will jeopardise Australia’s independence.

Mr Wang 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 Coalition must make a stand against the GrainCorp takeover because it jeopardises Australia’s independence,” Mr Wang said.

“I challenge the National Party members who oppose the sale to ADM to leave the Coalition if lobbyists persuade Mr Hockey to let it go through.

“As Confucius said, to see the right and not do it is cowardice. The sale of GrainCorp will lead to the destruction of rural and regional Australia and the eventual disappearance of our grain industry.

“These National Party members need to stand up for their convictions and the people of rural and regional Australia who are their constituents.

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

“US producers will destroy Australian competitors by manipulating the market.

“The only winners from this deal will be the lobbyists, the lawyers and the merchant bankers in Sydney who will make hundreds of millions of dollars if the takeover proceeds.”

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

ENDS