MEXICO/US: ADM receives bid for Gruma stake
Archer Daniels Midland has received an offer for its 23% stake in tortilla maker Gruma.
The US agribusiness giant confirmed it had "reached a preliminary agreement" to sell its shares in Gruma, which owns the Mission brand.
The deal, with Mexican businessman Fernando Chico Pardo, also covers ADM's interest in a number of ventures with Gruma and its affiliates, a spokesperson for the US group said.
The spokesperson said the agreement remains subject to the two sides striking a "definitive" deal. It also needs the backing of ADM's and Gruma's board "as well as certain regulatory and other approvals and rights of first refusal".
- Does Kraft Heinz want to swallow Unilever whole?
- Focus: Nestle CEO plan to balance sales, earnings
- Will Kellogg's DSD exit help it grow in US snacks?
- Comment: Meal kits in US - don't believe the hype
- Is Mondelez's margin target hurting sales?
- Nestle plans restructuring as 2016 profit misses
- Kraft Heinz pursuing Unilever in takeover move
- Kraft Heinz returns to organic growth, ups margins
- General Mills issues profit warning
- Kraft Heinz pulls Unilever bid