(Reuters) — Archer Daniels Midland Co. says it plans to sell shares and bonds in Singapore-based Wilmar International with a combined value of $800 million.
ADM, which is one of Wilmar’s largest shareholders, added that it expects to retain at least a 20 percent stake in the agribusiness firm.
The company had a 24.6 percent effective stake in Wilmar as of March 4, according to Refinitiv.
ADM expects to use the net proceeds to meet its working capital requirements, fund its capital expenditures and a possible buyback.
