Gruma buys back stake from ADM

Mexican corn flour processor Gruma has purchased a 23.2 per cent stake of its own stock that was previously held by US agribusiness giant Archer Daniels Midland, part of a $450m deal Gruma announced in a statement yesterday.

In addition to the Gruma stake, the firm bought minority stakes in its units Azteca Milling, Molinera de Mexico and Gruma Venezuela.