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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Lehman Abs WA Mut 22 | NYSE:CRG | NYSE | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
From Jul 2019 to Jul 2024
By Jacob Bunge
Archer Daniels Midland Co. said it agreed to sell its global cocoa business to rival commodity merchant Olam International Ltd. for $1.3 billion.
The move follows ADM's deal to sell its chocolate-processing business to agricultural conglomerate Cargill Inc. for $440 million, announced in September.
ADM buys grains, oilseeds and other commodities from farmers to process into ingredients and to sell to food makers. The Chicago-based company has been refocusing on higher-margin businesses including flavorings and specialty ingredients. ADM struck a deal in July to acquire Wild Flavors GmbH for $3 billion in ADM's biggest-ever acquisition.
Patricia Woertz, ADM's chief executive, said the sale of the cocoa business would help ADM "create shareholder value by improving returns and dampening the volatility of our earnings."
ADM expects the deal to close in the second quarter of 2015, pending regulatory approvals.
Write to Jacob Bunge at jacob.bunge@wsj.com
Access Investor Kit for Olam International Ltd.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=SG1Q75923504
Access Investor Kit for Archer Daniels Midland Co.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US0394831020
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