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Adm: How Sweet It Isn't


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ADM: HOW SWEET IT ISN'T

ARCHER DANIELS MIDLAND hasn't yet been accused of wrongdoing, but the incipient antitrust investigation of its food-ingredient and high-fructose corn-syrup businesses could take years. So far, Cargill, CPC International, Tate & Lyle's A.E. Staley Manufacturing unit, and Ajinomoto's Heartland Lysine--in addition to ADM--have received subpoenas. More subpoenas could follow, and ADM personnel losses could mount if executives under scrutiny decide to cooperate with the government. ADM's stock has dropped 15%, to 161/8, since the investigation surfaced. "There will be a cloud over the stock for some time," concludes Dain Bosworth analyst Bonnie Wittenburg. ADM declines to comment.EDITED BY KEITH H. HAMMONDS


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