Archer Daniels Plans Gruma Sale In Wake Of GrainCorp Bid

Law360, New York (October 24, 2012, 5:01 PM EDT) -- Illinois-based grain handler Archer Daniels Midland Co. has inked a preliminary deal to sell its minority interest in Mexican tortilla maker Gruma SAB de CV, it said Wednesday on the heels of a $2.8 billion offer to take over Australian rival GrainCorp.

Under the terms of the agreement, Archer Daniels said it would pass off to Mexican businessman Fernando Chico Pardo its 23.2 percent stake in Gruma, the company behind Mission brand tortilla products. The companies did not name a proposed purchase price.

The deal would...
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