November 5, 2012
 

Russia's Summa has requested the state development bank Vnesheconombank, or VEB, to finance a possible acquisition of Australia's GrainCorp.

"There was an application to VEB. Summa is still interested in global grain business," one of the sources familiar with the process told Reuters on Wednesday (Oct.31).

However, Summa may drop that request because the asset can be too large for the Russian group, another source, familiar with the plans, added.

Summa, co-owner of Russian grain trading firm United Grain Co (UGC), has been interested in global grain trading assets. Summa and VEB declined to comment.

US agriculture giant Archer Daniels Midland made a US$2.8-billion bid for GrainCorp on October 22, sending shares in Australia's last independent grains handler soaring, as markets bet on a higher offer price or rival bids being flushed out.