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Archer Daniels Midland (ADM) said it will consider increasing its stake in GrainCorp after its takeover bid for the grain handler was rejected by the Australian Treasurer on Friday.

"The Treasurer left the door for open for a larger stake and we'll consider that, but at this point we have not come to any full thoughts," said Victoria Podesta, Vice President, Chief Communications Officer at ADM. ADM is permitted to acquire up to 24.9 percent of GrainCorp.

Australian Treasurer Joe Hockey rejected ADM's A$2.8 billion takeover for GrainCorp, the country's largest listed agribusiness, saying the deal was contrary to the national interests.