GrainCorp's chief executive said fears Australia would risk its food security by allowing a A$3 billion ($2.8 billion) bid for the grain handler by Archer Daniel Midland Co are misplaced, as it forecast a tougher year ahead.Some Australian farm groups and politicians from within the ruling Liberal-National coalition opppose the takeover, which is awaiting a final decision by Treasurer Joe Hockey after advice from the country's Foreign Investment Review Board."Australia of any country in the world has the least to be concerned about when it comes to food security," GrainCorp Chief Executive Alison Watkins said on Thursday, as the group revealed a 15 percent fall in adjusted full-year net profit to A$175 million.Deputy prime minister Warren Truss, the leader of the rural-based National Party, said earlier this month the bid raised questions about Australia's capacity "to make decisions about whether we want to expand our grain industry, whether we want to be the food bowl of Asia."
Shares of GRAM fell by 0.24% or $-0.05/share to $20.85. In the past year, the shares have traded as low as $18.31 and as high as $22.14. On average, 108895 shares of GRAM exchange hands on a given day and today's volume is recorded at 8364.
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