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Graincorp is selling its Australian bulk liquid terminals business to ANZ Terminals for $350 million as part of its ongoing portfolio review.

Graincorp said on Monday it will enter into a long-term storage agreement with ANZ Terminals following the divestment of the eight sites, which store and handle bulk liquid fats and oils, fuels and chemicals.

GrainCorp acquired the terminals when it bought oilseed crusher Gardner Smith in 2012.

But managing director and chief executive Mark Palmquist said they are increasingly serving other sectors in addition to the edible oils commodities GrainCorp considers as part of its core business.

‘Divesting the assets to another experienced operator, while also putting in place a long-term storage agreement, allows us ongoing and secure access to the storage needed to support our oils business, whilst releasing capital and unlocking significant value for our shareholders,’ Mr Palmquist said in a statement.

The grains marketer said it is also looking at its options for its New Zealand bulk liquid terminals, which it noted are more fully integrated into its overall business.

Graincorp expects the deal to close by May 10, subject to competition watchdog and Foreign Investment Review Board approvals.

At 1023 AEDT, Graincorp shares were 7.0 cents, or 0.7 per cent, higher at $9.89.

They pumped about 25 per cent in early December following an all-cash $2.38 billion takeover bid from asset manager Long-Term Asset Partners.