An ADM spokesperson said the preliminary agreement is non-binding, and must be approved by ADM’s and Gruma’s board of directors.
ADM’s stake in Gruma is worth about $397 million, Bloomberg reported.
ADM has 131 million shares of Gruma, the world’s largest producer of corn and wheat tortillas, according data compiled by Bloomberg.
If the deal is completed, Chico Pardo will become Gruma’s second-largest stakeholder, according to data. Chico Pardo is the chairman of Grupo Aeroportuario del Sureste SAB, an operator of airports in southern Mexico.