ADM Sells Stake In Gruma, Sun Life Looks To US Operations Sale: Mergers and Acquisitions Recap
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.
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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.