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Subsequent Event | 3 Months Ended
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Mar. 31, 2013
Subsequent Event [Abstract] |
Subsequent Event | Note 17. Subsequent Event As of March 31, 2013, the Company held a 19.8% common equity interest in GrainCorp Limited (GrainCorp). This interest was initially obtained through the use of two transactions with investment bank counterparties. These transactions were accounted for as derivatives, and the derivatives were settled in equity shares of GrainCorp during the quarter ended December 31, 2012. The purpose of these transactions was to facilitate the Company’s planned acquisition of GrainCorp. During the quarter ended December 31, 2012, the Company delivered an initial non-binding proposal, followed later by a second non-binding proposal, with the aim of arriving at an agreement with GrainCorp’s Board of Directors under which they would recommend to GrainCorp shareholders an acquisition by the Company of all of GrainCorp, with the most recent proposal of Australian $12.20 per share in cash. On April 25, 2013, the Company announced that it has signed a takeover bid implementation deed with GrainCorp. On May 1, 2013, t he Company announced that it intends to make a cash offer to acquire the outstanding common shares of GrainCorp for Australian $12.20 p er share under the terms of the takeover bid implementation deed. The offer implies an aggregate transaction value of about Australian $3.4 billion, including GrainCorp’s outstanding net debt. As part of the agreement, GrainCorp will pay to its shareholders, dividends our of current and retained earnings totaling Australian $1.00 per share prior to the completion of the transaction. GrainCorp has indicated that the Company’s offer would be unanimously recommended by the GrainCorp board. The offer is subject to conditions set out in the takeover bid implementation deed, which include regulatory approvals and a minimum acceptable level by GrainCorp shareholders.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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