Bunge buys control of Brazilian soy processor CJ Selecta

CJ CheilJedang

10/10/2023 19:42

By Ana Mano
       SAO PAULO, Oct 10 (Reuters) - Bunge  BG.N  has agreed to
buy South Korean CJ Cheiljedang Corporation's  097950.KS  equity
stake in Brazilian soy crusher CJ Selecta, according to a
statement on Tuesday. 
    Bunge did not disclose the value of the transaction, which
helps it strengthen its position as a large soy processor in the
world's largest producer and supplier of the oilseed.
    Korean media pegged the value of the deal at 480 billion won
 ($357 million) for a 66% stake.
    CJ Selecta, headquartered in Brazil's Minas Gerais state,
owns a plant in the town of Araguari and produces soy protein
concentrate used as livestock feed in fish, pig, poultry, equine
and cattle farms.
    In April 2023, Reuters reported that the U.S. Bunge had
resumed talks for a potential acquisition of a stake in the
privately-owned Brazilian soybean crusher. 
    Bunge's return to the negotiating table came after owner CJ
CheilJedang had called off negotiations to sell a controlling
stake in 2022. 
    CJ's business in Brazil attracted strong interest from
global grain merchants at a time when Brazil's soy processing
margins had improved significantly.
    ($1 = 1,344.3800 won)

 (Reporting by Ana Mano)
 ((ana.mano@thomsonreuters.com; Tel: +55-11-5644-7704; Mob:
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