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Bunge buys U.S. corn flour mills, following ADM takeover approach

Excerpts from Reuters:

U.S. grain merchant Bunge Ltd bought two corn flour mills to expand its food and ingredients business, the company said on Tuesday.

The move comes after a bid to takeover Bunge by rival Archer Daniels Midland Co. that would consolidate the agribusiness sector.

Bunge’s North American arm, based in St. Louis County, acquired the mills in Iowa and Texas through a deal for Minsa Corporation, the U.S. unit of Mexican corn miller Grupo Minsa SAB de CV that Bunge said was valued at $75 million.

ADM has proposed a takeover of Bunge, and Glencore last year sought a tie-up with Bunge in what was viewed as a start of a wave of mergers and acquisitions in the grain industry.

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