MEXICO CITY Dec 16 Mexican corn flour processor
Gruma has purchased a 23.2 percent stake of its own
stock that was previously held by U.S. agribusiness giant Archer
Daniels Midland, part of a $450 million deal Gruma
announced in a statement on Sunday.
In addition to the Gruma stake, the company also purchased
minority stakes in its units Azteca Milling, Molinera de Mexico
and Gruma Venezuela.
Gruma said an additional $60 million could be paid to ADM
depending on the share price performance as well as other
factors over the next 42 months.
The company also said it exercised the preferential rights
of certain shareholders to make the purchase, which was financed
in large part by a $400 million, one-year loan led by Goldman
In November, the controlling family of Gruma said it planned
to match a rival bid from Mexican businessman Fernando Chico
Pardo to buy the same 23 percent stake.
Before this deal, the family of Gruma's late founder Roberto
Gonzalez Barrera controlled 50.05 percent of the company's
stock, according to Thomson Reuters data.