New CEO at GrainCorp


SYDNEY (Reuters) — Australia’s GrainCorp Ltd. has appointed an executive from U.S.-based agribusiness CHS as its new chief executive officer and said it doesn’t expect former suitor Archer Daniel Midland Inc. to return with a fresh bid in the near term.

GrainCorp said Mark Palmquist, who oversees CHS’s international grain businesses, will take the helm at Australia’s largest grain handler on Oct. 1.

The appointment comes amid speculation that agribusiness giant ADM will return with a renewed offer for GrainCorp after its $2.6 billion US bid was rejected by Australia’s government last November.