SEOUL, SOUTH KOREA — CJ CheilJedang Corp. has decided to cancel the sale of its equity stake in Brazilian soy crusher subsidiary CJ Selecta to Bunge Global SA, according to a regulatory filing with the Korean Exchange and Korean media reports.

CJ CheilJedang, South Korea’s largest food company, in October 2023 entered into a share purchase agreement to sell 66% of the CJ Selecta's shares to the Brazilian subsidiary of Bunge. CJ CheilJedang owns 10% of CJ Selecta, while 56% is owned by the company's special purpose corporation, CJ Latam.

In its electronic filing on April 25, CJ CheilJedang said that “the possibility of meeting the transaction’s precedent conditions is unclear.” The company also said it exercised its “contractual rights and notified the counterparty of the contract termination to resolve uncertainties and focus on stable business operations.”

CJ Selecta, based in Minas Gerais, Brazil, is one of the largest exporters of soy protein concentrate with an industrial unit in Araguari, a commercial office in São Paulo and several branches throughout Brazil. Soy protein concentrate is used in livestock feed for fish, pigs, poultry, equine and cattle. Brazil is the world’s largest producer and supplier of soybeans.

The company was acquired by CJ CheilJedang in 2017, changing its name from Sementes Selecta to CJ Selecta.