GrainCorp's new boss, Alison Watkins, has beefed up the grain handler's management team, amid mounting takeover speculation which on Monday drove its shares to a 2010 high.

The Sydney-based group said that it had appointed as finance director Alistair Bell, a former private equity financier, with experience in property, travel telecoms and mining sectors, as well as mergers and acquisitions.

"Alistair… brings a broad range of skills and experience that will add considerable depth to our senior management team," Ms Watkins said.

Mr Bell succeeds Ian Wilton, now head of GrainCorp's malt division.

She also announced the hiring of Heather Miles, a former McKinsey consultant, and executive at Westpac and forestry services group Carter Holt Harvest, as general manager of corporate services.

Likely target 

The appointments "completed" a round of senior management changes, Ms Watkins said, and followed the promotion of Nigel Hart, the GrainCorp ports manager, to head of logistics.

And they come amid mounting talk that the group could follow rivals ABB Grain, which was bought by Canada's Viterra last year, and AWB, acquired by Canada's Agrium, in receiving a bid.

UBS analyst Lachlan Parker questioned whether GrainCorp was the "the next to go" in a note which placed a "buy" rating on shares in the group, with a price target of Aus$10.30.

"With the drawn-out consolidation of the Australian agricultural sector gathering pace, we see GrainCorp as an attractive target, given its diversified earnings base, conservative capital structure and strategic infrastructure assets," Mr Parker said.

Despite buying malt group United Malt Holdings last year for Aus$757m, GrainCorp has managed to keep a lid on its debts. Indeed, GrainCorp was in a "strong position" itself to undertake acquisitions, Mr Parker added.

Last month, Credit Suisse said that GrainCorp was "clearly" a potential target.

GrainCorp shares touched Aus$8.26 on Monday, their highest since October last year, before closing unchanged at Aus$7.99.