Reluctant GrainCorp investor Archer Daniels Midland has spurned another opportunity to sell its $400 million stake in the Australian grains handler.
Equity capital markets teams have been knocking down ADM's door in recent times, seeking to see whether the $US25 billion giant was still a seller for its 19.99 per cent GrainCorp stake.
The phones were also ringing at Lazard - the firm which ran a blind date auction over ADM's stake in July, only for the sale to be pulled.
However by the time GrainCorp handed down a respectable full-year result on Wednesday - albeit one where the outlook, while improving, was difficult to nail down - bankers had all but given up the chase.
It was pretty clear to those across the various equities desks that ADM had turned its attention elsewhere.
So GrainCorp is stuck with a reluctant 19.99 per cent shareholder. And bankers are stuck with ADM's stake towards the top of their block trade watch-lists as they head into the new year.
GrainCorp boss Mark Palmquist didn't want to say too much about his company's relationship with ADM on Wednesday, other than that it would be better if the two parties were "working together".
Interestingly, GrainCorp shares are at about the same level where bankers were asked to pitch earlier this year. GrainCorp closed at $8.58 on Wednesday, while they were at $8.64 on the fateful night when Goldman Sachs, Morgan Stanley and UBS were given a couple of hours to buy ADM's shares.
And as for GrainCorp's outlook, try as it might the company is still hostage to the outcome of the grain crop, which is running three weeks behind schedule. While its malt operations provide a good earnings, investors and analysts are waiting on the crop outcome.
