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.
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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”.
