The Japan Fair Trade Commission has cleared US-based Archer Daniels Midland Company’s (ADM) proposed acquisition of Australian grain handler and processor Graincorp.
This approval brings the number of government agencies that have cleared the acquisition to five.
The deal was approved by the South Africa's Competition Commission and Canada's Competition Bureau cleared the acquisition earlier this month, by the Australian Competition and Consumer Commission in June. The United States Federal Trade Commission approved the acquisition in November 2012.
ADM noted that it is working with regulators in Australia, China, the European Union, and South Korea to attain approvals for the acquistion.
In April, ADM agreed to acquire Graincorp in a deal worth A$2.8bn ($2.57bn). Under the deal, ADM will pay A$12.20 ($11.23) per share in cash to GrainCorp.
GrainCorp, based in Sydney, Australia, is involved in the receival, testing, transport, handling and storage of grain and other bulk commodities, as well as the exportation of wheat, barley and oilseeds, with a presence in North America, Europe, Australia, Africa, Asia and South America.
