MONTERREY, MEXICO — Gruma S.A.B. de C.V. has announced approval by its board of directors to acquire Gruma shares that Archer Daniels Midland Co. has offered to sell.
ADM currently owns 23.2% of the outstanding shares of Gruma S.A.B.
Gruma said it has a right of first refusal to acquire the ADM shares and that the board approved its exercise of this right together with the “obtainment of the corresponding financing.”
At the same time, Gruma said the board approved the exercise of the company’s option or right of first refusal to acquire from the trust of the Gonzalez family (connected with the late founder of the company, Roberto Gonzalez Barrera) an indirect interest of 3% in Monaca and Demaseca, subsidiaries of Gruma in Venezuela; 40% of Molinera de Mexico, Mexico’s largest wheat flour milling company; and a 20% stake in Azteca Milling, Gruma’s U.S. corn flour business.
Gruma said it was in negotiations with a strategic partner to help accomplish the various acquisitions. The company said it has received a fairness opinion issued by an independent expert.