GrainCorp Plunges 20% After Loss From Canadian Unit Sale
Photographer: Mark Graham/Bloomberg
Shares of Australian agribusiness GrainCorp Ltd. fell the most in five years after the firm warned that the sale of its Canadian unit would incur a loss of up to A$10 million ($6.6 million).
The stock fell as much as 20%, the most since March 2020, as the Sydney-based company said it was selling GrainsConnect Canada to Canadian firm Parrish & Heimbecker, according to a statement on Wednesday. The deal values the business, which GrainCorp owns with joint venture partner Zen-Noh Grain Corp., at C$150 million ($109 million) and is expected to be completed in the first half of 2026.