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Sumitomo Buys Half ABA
SYDNEY - Nov 17/04 - SNS -- Australia's GrainCorp Ltd. intends to sell its 50% interest in Australian Bulk Alliance (ABA) to Japan's Sumitomo Corp. for an estimated A$15 million.
GrainCorp acquired the 0% share in the logistics company when it bought Grainco Australia Ltd. in 2003. Australia's Competition and Consumer Commission instructed it to sell its interest in ABA, which it now hopes to have accomplished by the end of the month.
The Australian barley marketing board, ABB Grain Ltd. owns the other half of ABA, which operates seven silos in southeast Australia and has a 50% stake in an export terminal in Melbourne, in partnership with the Australian wheat marketing board, AWB Ltd.
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