Gruma Buys Stake from ADM

Gruma Buys Stake from ADM

Mexico M&A

Mexico's Gruma has purchased a $450m package of its shares and shares in its subsidiaries from Archer Daniels Midland (ADM), it says. The deal is the result of Gruma acting on a right of first refusal to block an offer made last month by Mexican businessman Fernando Chico Pardo. The package includes a 23.2% stake in Gruma, as well as minority positions in its units Azteca Milling, Molinera de Mexico and three Venezuelan units. An additional $60m could be paid to ADM depending on the share price

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