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Pending GrainCorp Acquisition | 9 Months Ended
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Sep. 30, 2013
Pending GrainCorp Acquisition [Abstract] |
Pending GrainCorp Acquisition | Pending GrainCorp Acquisition As of September 30, 2013, the Company held a 19.8% common equity interest in GrainCorp Limited (GrainCorp). On April 25, 2013, the Company announced that it has signed a takeover bid implementation deed with GrainCorp. On May 1, 2013, the Company announced that it intends to make a cash offer to acquire the outstanding common shares of GrainCorp for Australian $12.20 per 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 out of its current and retained earnings totaling Australian $1.00 per share prior to the completion of the transaction. In June 2013, the Company lodged with the Australian Securities and Investments Comission its Bidder's Statement for an all-cash, off-market takeover offer for GrainCorp. Also, in June, the Company's offer was unanimously recommended by the GrainCorp board, in the absence of a superior offer. The offer is subject to conditions set out in the takeover bid implementation deed, which include regulatory approvals and a minimum acceptance level by GrainCorp shareholders. As of the date of this report, the Company has obtained regulatory approvals from government agencies in the European Union, Japan, South Korea, South Africa, Canada, the United States, and the Australian Competition and Consumer Commission. The Company continues to seek approvals from regulators in China and the Foreign Investment Review Board in Australia. On October 4, 2013, the Treasurer of Australia issued an interim order, which commits the government to a decision by December 17, 2013 at the latest. Also, as of the date of this report, the Company has received acceptance on its offer by approximately 8% of GrainCorp's shareholders, which is expected to bring the Company's total ownership interest to approximately 28%, once the regulatory approvals and other customary closing procedures are completed. The Company has entered into foreign currency derivative contracts to economically hedge substantially all of the remaining anticipated U.S. dollar cost of this acquisition and recorded gains of $26 million and losses of $25 million on the foreign exchange hedges for the three and nine months ended September 30, 2013, respectively.

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