ADM fails to sell GrainCorp stake

GrainCorp shares fell 7% as ADM failed to find buyer for its 20% stake in Australian bulk grain handler.

GrainCorp shares fell as much as 7% Wednesday after its largest shareholder, Archer Daniels Midland Co. (ADM), failed to find a buyer for its 20% stake in Australia's largest listed bulk grain handler, Reuters reported.

Lack of interest caused ADM to cancel the sale process, two sources told the media outlet.

Lazard was advising on the sale, but a buyer could not be found for the entire stake, and interested parties were only keen to buy at around $8 (Australian) per share (

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