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By BLOOMBERG BUSINESS NEWS | January 16, 1996
DECATUR, Ill. -- Archer Daniels Midland Co. said it will add more outside directors to its board, three months after about 20 percent of its shareholders withheld their votes from the company's slate.The grain processor, under fire for antitrust allegations and insider domination of its board, said the appointment of new directors at the next annual meeting follows the major recommendation of a corporate governance committee.The company also said "several" of its 17 directors wouldn't seek re-election and that it added more outsiders to its board committees.
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BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | December 24, 2006
I have heard Archer Daniels Midland Co. mentioned as a good play on ethanol. What does this stock look like now? - R.C., via the Internet It is a company fueled by fuel. As the largest U.S. producer of ethanol, representing nearly one-third of the industry's output, it has gained powerful momentum from the corn-derived fuel's popularity. It seems destined for continued dominance in that field as it expands capacity to pursue opportunities as a gasoline additive and in the production of biodiesel fuel to reduce global warming.
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BUSINESS
By BLOOMBERG BUSINESS NEWS | April 20, 1996
DECATUR, Ill. -- Archer Daniels Midland Co. has nominated three outsiders with ties to the company's current leadership to join its board in October.The Decatur, Ill.-based corn and soybean processor tapped the daughter of a current executive and two men who have other connections to Archer Daniels Chairman and Chief Executive Dwayne Andreas.Shareholders who have criticized insider domination of the Archer Daniels board were perplexed."We would have hoped, given the history with ADM, that new directors would be so independent that there would be no element of their independence that requires explanation or footnotes," said Ash Williams, executive director of the Florida State Board of Administration.
BUSINESS
By BLOOMBERG NEWS | February 25, 2003
WASHINGTON - Archer Daniels Midland Co., Cargill Inc. and another maker of corn sweeteners must face a trial over price-fixing claims, after the U.S. Supreme Court refused yesterday to hear an appeal seeking to throw out a $4 billion lawsuit by food companies. The lawsuit says the producers colluded to fix the price of a corn sweetener used in soft drinks, candy and baked goods. In a separate case, Archer Daniels, the world's largest grain producer, paid a then-record $100 million fine in 1996 and three executives were sent to prison for conspiring to fix the price of lysine, an animal feed additive.
BUSINESS
By BLOOMBERG BUSINESS NEWS | September 28, 1996
Archer Daniels Midland Co. agreed to pay $65 million to settle price-fixing lawsuits by its citric acid customers and its shareholders.The company said it would pay $35 million to resolve the customers' suit and $30 million to settle a class-action suit by investors accusing the company of hiding the fact that it fixed prices on citric acid and other products.If approved by federal judges in California and Illinois, the payments will be the largest by the company since price-fixing allegations surfaced in 1995.
NEWS
February 7, 2002
ARCHER DANIELS Midland's decision last week to shift its grain exports to Virginia effectively ends a 130-year shipping tradition that played a defining role in Maryland's economic development. The big question now is what will happen to the vast Locust Point waterfront property if the ADM grain elevator closes for good. Will the deep-water piers be used for other shipping needs, or will the site become an office park or luxury housing development? For more than a century, from 1872 to the 1970s, the grain trade flourished in Baltimore, benefiting the development of the whole state.
BUSINESS
By BLOOMBERG NEWS | September 9, 1997
CHICAGO -- A federal judge said yesterday that she will consider a request by the New York Times to unseal the entire court file in the federal government's price-fixing case against former executives of Archer Daniels Midland Co.Attorneys for former Archer Daniels Vice Chairman Michael Andreas and former division president Terrance S. Wilson want to keep certain documents and undercover tape recordings of their clients sealed.The attorneys hope to convince Judge Blanche Manning of U.S. District Court for the Northern District of Illinois that the evidence is inadmissible.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | September 13, 1996
Federal prosecutors have informed Archer Daniels Midland Co. and two of its senior executives that they could be indicted by Tuesday on charges that they engaged in an international conspiracy to fix prices for a feed additive, people with knowledge of the inquiry said yesterday.But by late yesterday, settlement negotiations between the government and Archer Daniels appeared to be making some progress, people with knowledge of the situation said. As a result, the government-imposed deadline could slip by as much as a week while both sides hammer out a deal.
BUSINESS
By BLOOMBERG NEWS | February 25, 2003
WASHINGTON - Archer Daniels Midland Co., Cargill Inc. and another maker of corn sweeteners must face a trial over price-fixing claims, after the U.S. Supreme Court refused yesterday to hear an appeal seeking to throw out a $4 billion lawsuit by food companies. The lawsuit says the producers colluded to fix the price of a corn sweetener used in soft drinks, candy and baked goods. In a separate case, Archer Daniels, the world's largest grain producer, paid a then-record $100 million fine in 1996 and three executives were sent to prison for conspiring to fix the price of lysine, an animal feed additive.
BUSINESS
By BLOOMBERG BUSINESS NEWS | July 20, 1996
CHICAGO -- A federal judge yesterday approved a $45.4 million settlement in a class-action suit that charged Archer Daniels Midland Co. and two Japanese companies with fixing prices for lysine, a widely-used protein additive for farm animals.U.S. District Judge Milton Shadur called the settlement "fair, reasonable and adequate," noting that fewer than 2 percent of the plaintiffs objected to the settlement.He said the defendants are not liable for attorneys' fees. The other defendants are Ajinomoto Co. and Kyowa Hakko Ltd.Under the settlement, Decatur, Ill.-based Archer Daniels will pay $25 million and the Japanese companies will pay $10.2 million each.
BUSINESS
By BLOOMBERG NEWS | May 9, 2002
MARSHALL, Minn. - Archer Daniels Midland Co. is in talks to buy Minnesota Corn Processors LLC, a transaction that would combine the largest U.S. makers of ethanol, a fuel additive distilled from corn. ADM, which owns 30 percent of Minnesota Corn, and rival Cargill Inc., have been buying control of smaller grain companies weakened by heavy debt loads and four years of low commodity prices. The acquisition would give ADM more control of the $2.48 billion market for ethanol, which is added to gasoline to reduce pollution.
NEWS
February 7, 2002
ARCHER DANIELS Midland's decision last week to shift its grain exports to Virginia effectively ends a 130-year shipping tradition that played a defining role in Maryland's economic development. The big question now is what will happen to the vast Locust Point waterfront property if the ADM grain elevator closes for good. Will the deep-water piers be used for other shipping needs, or will the site become an office park or luxury housing development? For more than a century, from 1872 to the 1970s, the grain trade flourished in Baltimore, benefiting the development of the whole state.
BUSINESS
By BLOOMBERG NEWS | September 9, 1997
CHICAGO -- A federal judge said yesterday that she will consider a request by the New York Times to unseal the entire court file in the federal government's price-fixing case against former executives of Archer Daniels Midland Co.Attorneys for former Archer Daniels Vice Chairman Michael Andreas and former division president Terrance S. Wilson want to keep certain documents and undercover tape recordings of their clients sealed.The attorneys hope to convince Judge Blanche Manning of U.S. District Court for the Northern District of Illinois that the evidence is inadmissible.
BUSINESS
By BLOOMBERG BUSINESS NEWS | September 28, 1996
Archer Daniels Midland Co. agreed to pay $65 million to settle price-fixing lawsuits by its citric acid customers and its shareholders.The company said it would pay $35 million to resolve the customers' suit and $30 million to settle a class-action suit by investors accusing the company of hiding the fact that it fixed prices on citric acid and other products.If approved by federal judges in California and Illinois, the payments will be the largest by the company since price-fixing allegations surfaced in 1995.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | September 13, 1996
Federal prosecutors have informed Archer Daniels Midland Co. and two of its senior executives that they could be indicted by Tuesday on charges that they engaged in an international conspiracy to fix prices for a feed additive, people with knowledge of the inquiry said yesterday.But by late yesterday, settlement negotiations between the government and Archer Daniels appeared to be making some progress, people with knowledge of the situation said. As a result, the government-imposed deadline could slip by as much as a week while both sides hammer out a deal.
BUSINESS
By BLOOMBERG BUSINESS NEWS | July 20, 1996
CHICAGO -- A federal judge yesterday approved a $45.4 million settlement in a class-action suit that charged Archer Daniels Midland Co. and two Japanese companies with fixing prices for lysine, a widely-used protein additive for farm animals.U.S. District Judge Milton Shadur called the settlement "fair, reasonable and adequate," noting that fewer than 2 percent of the plaintiffs objected to the settlement.He said the defendants are not liable for attorneys' fees. The other defendants are Ajinomoto Co. and Kyowa Hakko Ltd.Under the settlement, Decatur, Ill.-based Archer Daniels will pay $25 million and the Japanese companies will pay $10.2 million each.
NEWS
August 23, 1991
An intriguing sideshow of this tumultuous week has been the wild gyrations in the stock market in reaction to the abortive coup in the Soviet Union. On Monday the Dow Jones Average dropped more than 70 points; on Wednesday the loss was erased by a gain of nearly 90 points. But when we look at the individual company listings in the fine print, we hear an intriguing message from the collective financial community.Consider the performance of three stocks on the New York Stock Exchange on Wednesday, the day the right-wing coup in the Soviet Union collapsed.
BUSINESS
By BLOOMBERG NEWS | May 9, 2002
MARSHALL, Minn. - Archer Daniels Midland Co. is in talks to buy Minnesota Corn Processors LLC, a transaction that would combine the largest U.S. makers of ethanol, a fuel additive distilled from corn. ADM, which owns 30 percent of Minnesota Corn, and rival Cargill Inc., have been buying control of smaller grain companies weakened by heavy debt loads and four years of low commodity prices. The acquisition would give ADM more control of the $2.48 billion market for ethanol, which is added to gasoline to reduce pollution.
BUSINESS
By BLOOMBERG BUSINESS NEWS | April 20, 1996
DECATUR, Ill. -- Archer Daniels Midland Co. has nominated three outsiders with ties to the company's current leadership to join its board in October.The Decatur, Ill.-based corn and soybean processor tapped the daughter of a current executive and two men who have other connections to Archer Daniels Chairman and Chief Executive Dwayne Andreas.Shareholders who have criticized insider domination of the Archer Daniels board were perplexed."We would have hoped, given the history with ADM, that new directors would be so independent that there would be no element of their independence that requires explanation or footnotes," said Ash Williams, executive director of the Florida State Board of Administration.
BUSINESS
By BLOOMBERG BUSINESS NEWS | January 16, 1996
DECATUR, Ill. -- Archer Daniels Midland Co. said it will add more outside directors to its board, three months after about 20 percent of its shareholders withheld their votes from the company's slate.The grain processor, under fire for antitrust allegations and insider domination of its board, said the appointment of new directors at the next annual meeting follows the major recommendation of a corporate governance committee.The company also said "several" of its 17 directors wouldn't seek re-election and that it added more outsiders to its board committees.
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