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US ADM sells stake in Mexico's Gruma for USD450m  Join our daily free Newsletter

MENAFN - 18/12/2012

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(MENAFN) Archer Daniels Midland Co. (ADM) announced that it has sold back the 23 percent stake it owned in Mexican Gruma to the corn flour producer for at least USD450 million, reported AP.

The agribusiness giant said that it has also invested in joint ventures with Gruma.

The Decatur, Ill.-based firm added that the move will allow it to spend money in more profitable markets.

Earlier this month, ADM offered USD2.35 billion to acquire Australia's grain handler GrainCorp, however, the latter refused the offer.

It is worth noting that over the coming 24 months, ADM may also receive further payments of USD60 million as a result of the Gruma sale.

 






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