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