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".