Archer Daniels Midland to cut stake in Wilmar, sell shares for $685.28m
The company had a 24.6% effective stake in Wilmar as of 4 March.
Grain trader Archer Daniels Midland Co (ADM) said on Wednesday it plans to sell shares and bonds in Singapore-based Wilmar International with a combined value of $1.1b (US$800m).
ADM, which is one of Wilmar’s largest shareholders, added that it expects to retain at least a 20% stake in the agribusiness firm.
The company had a 24.6% effective stake in Wilmar as of 4 March, according to Refinitiv.
Two of ADM’s units will undertake the proposed sale of Wilmar’s ordinary shares for about $685.28m (US$500m) pursuant to a secondary block trade agreement with a syndicate of managers, the Chicago-based company said.
ADM added that unit ADM Ag Holding also aims to conduct an offering of about $300 million worth of bonds outside the United States.
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