Bunge, a global agribusiness giant, is in the process of acquiring South Korean CJ Cheiljedang Corp's stake in Brazilian soybean crushing company CJ Selecta, according to a report from World Grain. CJ Selecta is one of the largest exporters of soy protein concentrate in Brazil and is headquartered in Minas Gerais. Furthermore, the company has an industrial unit in Araguari, a commercial office in São Paulo and several branches throughout the country. CJ Cheiljedang acquired the company in 2017, when it changed its name from Sementes Selecta to CJ Selecta.
Although Bunge did not disclose the financial details of this transaction, Korean media reports valued CJ Cheiljedang's stake at around US$357 million, which is equivalent to the company's 66%, according to the report.
This acquisition represents a strategic move for Bunge, further strengthening its position in the Brazilian market. The company is already a leader in soybean processing in Brazil, the world's largest producer and supplier of the oilseed.
Seoul-based CJ Cheiljedang Corporation is an international food company engaged in manufacturing food ingredients, frozen and chilled packaged food products, pharmaceuticals and biotechnology.
This transaction highlights the importance of Brazil in the global agribusiness scenario and the continued expansion of international companies in this key market. Bunge seeks to further consolidate its presence in the country and strengthen its position as one of the main players in the soybean sector.
Source: Oils & Fats International
