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ADM in tentative deal to buy Mexico's Gruma

Wednesday, October 24, 2012

US agriculture giant Archer Daniels Midland said that it reached a preliminary deal to sell its stake in Mexican corn flour processor Gruma to the chairman of Mexican airport operator Asur.

ADM has agreed to sell its 23 percent stake in Gruma as well as minority ownership in several joint ventures with the Mexican firm to Fernando Chico Pardo.

Gruma's founder, Mexican businessman Roberto Gonzalez Barrera, who was also chairman emeritus of bank Banorte, died in August. He and his family controlled 50.05 percent of the company's stock.

Source: Reuters