Australia's Graincorp considers American takeover offer

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The US agriculture group Archer Daniels Midland (ADM) has offered to buy the Australian grain handler GrainCorp, for about $2.77bn.

ADM, which already owns a stake of 14% in the Australian business, has said it wants to invest in overseas suppliers.

As the BBC's Duncan Kennedy reports Australia is one of the world's biggest exporters of wheat.

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