Archer Daniels Midland Co. (NYSE:ADM) tentatively agrees to divest its 23 percent stake in Gruma SAB (NYSE:GMK) to a Mexican businessperson. Gruma is the world’s largest corn flour and tortilla producer and the proposed sale comes as the seller attempts to acquire GrainCorp (GRCLF.PK) at a price of about $2.8 billion. The proceeds would help ADM raise cash so as to avert a hit to its credit rating that could come from such an expensive purchase.
Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.
The Canadian insurer Sun Life Financial (NYSE:SLF) wants to sell its annuities operations in the United States and such a move might bring over $1 billion, says Bloomberg. The company has drawn interest primarily from investment firms, among which include Guggenheim Partners, and it might select a potential buyer for exclusive discussions within a few days.