Consumer Biz Recap: ADM Bids For GrainCorp, Booming Cider Market Lures Top Brewers
Archer Daniels Midland Co. (NYSE:ADM) offers to buy out its Australian competitor GrainCorp (GRCLF.PK) at a price of $2.76 billion at $11.75 per share which represents a 33 percent bonus to Friday’s close. GrainCorp shares which were halted until Tuesday after Friday’s stake increase resumed trading Monday, and are up markedly.
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The lucrative market in cider has ignited a race among top brewers to tap into it, as Heineken (HINKY.PK), SABMiller (SBMRY.PK), and Carlsberg are focusing upon the quickly-growing category. Cider sales worldwide are projected to see double-digit growth through the year 2016, although the product only comprises a small fraction of the domestic beer market. Meanwhile, the brewing behemoth Anheuser-Busch InBev (NYSE:BUD) brings a new contender into the mix with the launch of the low-calorie Michelob Ultra Light Cider.
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