GrainCorp offloads Allied Mills stake

Allied Mills has been bought by Pacific Equity Partners, after the fund agreed to acquire GrainCorp's 60 per cent stake and Cargill Australia's remaining stake.

A GrainCorp silo in Garah — Graincorp says full-year earnings could rise by as much as two thirds and underlying profit treble. (AAP)

1 min read

Published 31 January 2017 9:48am

Source: AAP

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GrainCorp is selling its 60 per cent stake in Allied Mills to Pacific Equity Partners for $190 million.

Chief executive Mark Palmquist said the sale, which is subject to regulatory approval and also includes the benefit of $35 million in franking credits to GrainCorp, would create balance sheet flexibility for the company.

GrainCorp's former joint venture partner in Allied Mills, Cargill Australia, has also sold its 40 per cent stake to PEP.

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