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.