ADM in preliminary deal to sell stake in Mexico's Gruma
MEXICO CITY (Reuters) - U.S. agriculture giant Archer Daniels Midland (ADM.N) said on Tuesday that it reached a preliminary deal to sell its stake in Mexican corn flour processor Gruma (GRUMAB.MX) to the chairman of Mexican airport operator Asur.
ADM has agreed to sell its 23 percent stake in Gruma as well as minority ownership in several joint ventures with the Mexican firm to Fernando Chico Pardo, chairman of the board and shareholder in Asur (ASURB.MX), ADM spokeswoman Jackie Anderson said in an email.
"This preliminary agreement is non-binding and is subject to negotiation of a definitive agreement, approval by ADM's and Gruma's boards of directors, as well as certain regulatory and other approvals and rights of first refusal," Anderson said.
(Reporting By Tomas Sarmiento)
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