GrainCorp to buy United Malt

AUSTRALIAN grain handling and marketing firm GrainCorp Ltd has agreed to buy United Malt Holdings (UMH), the world's fourthlargest commercial malt-maker, for $655 (A$757) million. The acquisition will transform GrainCorp into an internationa lagribus ine s s with operations in Australia, the United States, Canada and the United Kingdom, the firm said. 揑t will strengthen GrainCorp's core business, allow us to reduce the seasonal volatility of our earnings and help us to attain our strategic objective of sustained and profitable long- term growth,?GrainCorp chairman Don Taylor said in a statement. UMH supplies malt for use in the production of beer and whisky to some of the world's largest brewers and distillers. It operates 14 malt houses and produces about 1 million metric tonnes of malt a year. GrainCorp will fund the acquisition through a 9-for-10 issue of new shares at A$5.65 each, a separate A$100 million placement of new stock and a $200 million debt facility. The placement and offer are fully underwritten by Credit Suisse (Australia).Nike Air Max 90