November 15, 2012 / 6:41 PM / 5 years ago

Controlling family of Mexico's Gruma wants ADM's stake in co.

MEXICO CITY, Nov 15 (Reuters) - The controlling family of Gruma plans to match a bid from businessman Fernando Chico Pardo to buy a 23 percent stake in the Mexican corn flour processor, currently in the hands of U.S. agriculture giant Archer Daniels Midland.

A spokesman for Carlos Hank Gonzalez, a grandson of Gruma’s late founder Roberto Gonzalez Barrera, told Reuters on Thursday that the family is putting together a financial plan to match Chico Pardo’s offer, a transaction of around $400 million.

Last month, ADM reached a preliminary deal to sell its stake in Gruma to Chico Pardo, chairman of the board and shareholder in Mexican airport operator Asur

Gonzalez Barrera, also chairman emeritus of financial group Banorte, died in late August at the age 81.

The spokesman said the agreement had been approved by all family members.

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