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Mexico's Gruma in Archer Daniels buyback

Monday, December 17, 2012

Mexican corn flour processor Gruma has purchased a 23 percent stake of its own stock that was previously held by US agribusiness giant Archer Daniels Midland, ADM, part of a $450 million deal Gruma announced in a statement on Sunday.

In addition to the Gruma stake, the company also purchased minority stakes in its units Azteca Milling, Molinera de Mexico and Gruma Venezuela.

Gruma said an additional $60 million could be paid to ADM depending on the share price performance as well as other factors over the next 42 months.

Source: Reuters