Archer-Daniels-Midland's failure to win Australian approval to buy GrainCorp opens the door for share buybacks, bigger dividends or other acquisitions as the company reviews how to use about $3.5 billion in cash.

The world's largest corn processor will consider ways to boost shareholder returns as well as investing in organic growth or takeovers, Victoria Podesta, a spokeswoman for the US company, said.

Australia’s unexpected rejection of ADM’s A$2.2 billion takeover of GrainCorp was the first time a US company has been blocked from buying assets in that country.

Treasurer Joe Hockey said now was not the right time for a foreign company to take full ownership of "this key Australian business".

GrainCorp is the biggest crop handler on Australia’s eastern coast. – (Bloomberg)