ANSC's Australian Food & Agriculture takeover tanks

Agriculture & Natural Solutions Acquisition Corporation's (ANSC) bid to acquire the Bell family and Alastair Provan-owned Australian Food & Agriculture Company (AFA) for $780 million fell through.

Nasdaq-listed ANSC, a special purpose acquisition company (SPAC), said in Securities Exchange Commission (SEC) filings that the parties "mutually determined to terminate the business combination agreement due to increasingly volatile equity market conditions".

AFA's portfolio comprises agricultural assets in New South Wales' Deniliquin, Hay, and Coonamble.

They include 87,000 acres of dryland and irrigated cropping that produces irrigated cotton, wheat, barley, canola, and corn among others; water entitlements; and livestock-carrying capacity of about 247,000 for sheep wool, meat, and cattle operations.

Bell Group Holdings (BGH), which is the parent company of ASX-listed Bell Financial Group (BFG), Bell Securities, and Bell Asset Management, has about a 66% interest in AFA.

ANSC said each party has agreed on behalf of themselves and their respective related parties "to a release of claims relating to the business combination agreement and the related transactions, including the termination, subject to certain exceptions, as set forth in the termination agreement".

ANSC is backed by Riverstone Holdings and Impact Ag Partners.

Bert Glover is the chief executive of ANSC. He is the founder and managing director of Impact Ag Partners, which invests in agriculture as a nature and climate solution.

Impact Ag has assets and teams across Australia and North America.