Gruma Moves to Block Chico Pardo

Gruma Moves to Block Chico Pardo

Mexico M&A

Gruma plans to use its right of first refusal to purchase a 23% stake of itself owned by Archer Daniels Midland (ADM) that the US agriculture operator had agreed to sell to ASUR chairman Fernando Chico Pardo, Gruma says. The exact pricing and timing remain unclear, but the move is approved by the Mexican tortilla maker’s board and Gruma is readying financing. In a report, UBS sees the 23% stake fetching at least $380m, and, when stakes in additional subsidiaries are included, the deal could reac

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