U.S. agricultural company Archer Daniels Midland (ADM.N) said Tuesday it agreed to buy the remaining 51 percent stake in Brazil's Limeira do Oeste ethanol mill, making it the plant's sole owner. The value of the purchase will be determined by an arbitration proceeding being carried out between ADM and a local group called Canaa Participacoes that owns the 51 percent stake, an ADM spokeswoman said. Limeira do Oeste, located in the state of Minas Gerais, has an annual cane crushing capacity of 3 million tonnes. ADM and Canaa, controlled by former Agriculture Minister Antonio Cabrera, created a joint venture in 2008, with planned investments of $500 million. They had a project to build a second mill, in Goias state, but construction has not started.
Archer Daniels Midland Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products. Shares of ADM remained unchanged at $35.69. In the past year, the shares have traded as low as $24.22 and as high as $38.02. On average, 6053770 shares of ADM exchange hands on a given day and today's volume is recorded at 0.
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