Viterra boss Mayo Schmidt batted off questions from investors following speculation that the Canadian grain handler is interested in buying GrainCorp, in what would be its second major Australian acquisition.

The Viterra chief executive, speaking at an investor conference in New York, said that the group intended to take part further in the wave of takeovers of Australian agriculture groups which it has already stoked, in 2009, with the takeover of ABB Grain.

"It's a rich environment for opportunities that we see over the next 10 years," Mr Schmidt said, noting also the group's plans for expansion in the Black Sea and Canada.

"We are uniquely positioned because of seed, chemical, fertilizer, collection systems and processing. We have opportunities in any of those segments to enter and consolidate a market."

Shares jump

However, Mr Schmidt declined to comment about whether Viterra was interested in buying GrainCorp, in a move which would add eastern Australia to a trading geography currently centred on the state of South Australia.

GrainCorp shares closed up 5.4% in Sydney at Aus$8.05 on Wednesday, after earlier touching a 19-month high of Aus$8.23, on a report in The Australian that the grain handler was "next on [Viterra's] to-do list" for acquisitions.

GrainCorp was thought to be working with its advisers, Credit Suisse, over foreign interest, the newspaper added.

The Sydney-based group said it does not comment on media speculation, but added that it had "no information to convey to the market" under stock exchange disclosure rules.

"The group remains in compliance with ASX listing rule 3.1," GrainCorp said.

Obligations - and exceptions

Rule 3.1 binds companies to reveal "immediately" any information that would be expected to "have a material effect" on their shares, such as a takeover.

The rule allows some exceptions, including when "the information concerns an incomplete proposal or negotiation".

Other recent farm sector deals in Australia include the $1.2bn purchase by Agrium of AWB, Australia's former wheat export monopoly, before selling on the corn grain trading operations to Cargill last week for $677m.