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GrainCorp to Split Business, Engage with Suitors

Company spins off global malting unit and restructures grain business

Large Logo Graincorp

Australian takeover target GrainCorp Ltd. said on Thursday it plans to separate in two, spinning off and listing its global malting unit and restructuring its grain business, whose earnings have been hit by drought.

Reuters reports that GrainCorp said it is still engaging with suitors vying for parts or all of the company, including little known asset manager Long-Term Asset Partners (LTAP), which last year made $1.69 billion takeover offer.

The spun-off company, dubbed MaltCo, contributed more than half of GrainCorp’s earnings last year. The new GrainCorp, would focus on grains and edible oils production after the demerger.

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