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Tuesday, March 5, 2013

ConAgra, Cargill and CHS join together in flour milling, (NYSE: CAG)

ConAgra Foods Inc, Cargill and CHS Inc on Tuesday said they plan to combine their North American flour milling businesses into a new company called Ardent Mills.Ardent Mills will combine ConAgra Mills and Horizon Milling, a Cargill-CHS joint venture formed in 2002, into a single company serving the baking and food industries.ConAgra and Cargill will each have a 44 percent stake in the joint venture, with CHS owning the remaining 12 percent. All three companies will have representatives on its board.Ardent Mills, which is expected to be formed in late 2013, will operate as an independent joint venture of ConAgra, Cargill and CHS.

ConAgra Foods, Inc. (ConAgra Foods) is a food company. Shares of CAG remained unchanged at $34.69. In the past year, the shares have traded as low as $23.64 and as high as $34.76. On average, 4008430 shares of CAG exchange hands on a given day and today's volume is recorded at 630.