Gruma SAB said businessman Fernando Chico Pardo has offered to acquire the minority stake of Archer- Daniels-Midland Co. in the world’s largest producer of corn and wheat tortillas, the company said today in a filing to Mexico’s stock exchange.
The offer, made via Chico Pardo’s Agrupacion Aeroportuaria Internacional III and Corporativo PAFCH SA, seek to buy 23.22 percent of Gruma’s outstanding shares, according to the statement.
Chico Pardo is also seeking to acquire AMD’s holdings of a 3 percent stake in two of Gruma’s Venezuelan subsidiaries, a 40 percent stake in Molinera de Mexico, a Mexican flour producer, and 20 percent of Azteca Milling, a U.S. cornflour producer.
The board of Mexico City-based Gruma will evaluate the offer, the company said in the statement.
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