SYDNEY, April 26 (Reuters) - Australia's GrainCorp Ltd said it was conscious that approval from Chinese regulators for a A$3.0 billion ($3.1 billion) Archer Daniels Midland takeover bid for the company could take some time.
GrainCorp Ltd agreed on Friday to a revised bid from ADM, ceding control of Australia's largest independent grains handler after a six-month courtship.
'(Chinese approvals) tend to drag on longer than we would normally expect in the marketplace,' Chairman Don Taylor told reporters, adding that the deal had been structured to protect shareholder interest in the event of delays.
GrainCorp plans to pay shareholders a dividend of 3.5 cents per share a month from October if regulatory approvals are delayed.
(Reporting by Lincoln Feast; Editing by Richard Pullin) Keywords: GRAINCORP ADM/APPROVALS
(Lincoln.Feast@thomsonreuters.com)(+61 2 9373 1826)(Reuters Messaging: email@example.com)
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