Bunge Alimentos S.A. completed the acquisition of 66% stake in CJ Selecta S.A. from CJ CheilJedang Corporation, CJ Latam Participações Ltda. and CJ Logistics Do Brasil Ltda.
October 30, 2023
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Bunge Alimentos S.A. signed a definitive agreement to acquire 66% stake in CJ Selecta S.A. from CJ CheilJedang Corporation, CJ Latam Participações Ltda. and CJ Logistics Do Brasil Ltda for approximately KRW 480.5 billion on October 10, 2023. CJ CheilJedang will sell its entire 66 percent stake in its Brazilian subsidiary CJ Selecta to Bunge Alimentos S.A. for an estimated transaction price of KRW 480.5 billion ($356.2 million). The proceeds of the sale will be used for its biotech business portfolio, focusing on high-value specialty amino acid and solution products, as well as for improving operational efficiency, the food arm of CJ Group. The transaction is subject to satisfaction of customary closing conditions, including regulatory approvals.
Christian Roschmann, Lilian Toscani, Francisco Todorov, Adriana Giannini and Guido Vinci of Tauil & Chequer Advogados in association with Mayer Brown acted as legal advisor to Bunge Alimentos S.A. Morgan Stanley & Co. International Plc (Korea) acted as financial advisor to CJ CheilJedang Corporation.
Bunge Alimentos S.A. completed the acquisition of 66% stake in CJ Selecta S.A. from CJ CheilJedang Corporation, CJ Latam Participações Ltda. and CJ Logistics Do Brasil Ltda in October 2023.
CJ CheilJedang Corp is a Korea-based company principally engaged in the food processing. The Company operates its business through three segments. The Food Business segment is engaged in the manufacture and sale of products such as sugar, flour, cooking oil, frozen foods, cooked meat and others. The Biotechnology Business segment manufactures and sells food additives such as nucleic acids, monosodium glutamate (MSG), arginine and others, and feed additives such as lysine, threonine, tryptophan, valine, methionine, and plant high protein, among others. This segment is also engaged in the manufacture and sale of pharmaceuticals. The Logistics Business segment is engaged in the provision of logistics services including contract logistics services, delivery services, overseas logistics services, air forwarding and maritime forwarding services. In addition, this segment is engaged in the construction of factories.
Bunge Alimentos S.A. completed the acquisition of 66% stake in CJ Selecta S.A. from CJ CheilJedang Corporation, CJ Latam Participações Ltda. and CJ Logistics Do Brasil Ltda.