January 6, 2020 / 2:12 PM / 12 days ago

ADM sells palm business in Brazil as part of portfolio overhaul

SAO PAULO, Jan 6 (Reuters) - Grain trader Archer Daniels Midland Co has sold its palm business in Brazil to local player Reflorestadora Moju Acará, according to the Brazilian antitrust watchdog Cade.

Cade, which gave the nod to ADM’s deal, said on the official gazette that the sale was part of a broader global portfolio review by the global trader. The deal value has not been disclosed.

ADM’s businesses in Brazil also include soy, corn, wheat and cotton.

Reporting by Luciano Costa; Writing by Carolina Mandl Editing by Chizu Nomiyama

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