UPDATE 1-Bunge buys control of Brazilian soy processor CJ Selecta
(In Oct 10 story, changes paragraph 3 to attribute deal value to CJ's securities filings)
By Ana Mano
SAO PAULO, Oct 10 (Reuters) - Bunge has agreed to buy South Korean CJ Cheiljedang Corporation's equity stake in Brazilian soy crusher CJ Selecta, according to a statement on Tuesday.
Bunge did not disclose the value of the transaction, which helps it strengthen its position as a large soy processor in the world's largest producer and supplier of the oilseed.
The value of the deal was 480 billion won ($357 million) for a 66% stake, CJ Cheiljedang told the South Korean securities regulator.
CJ Selecta, headquartered in Brazil's Minas Gerais state, owns a plant in the town of Araguari and produces soy protein concentrate used as livestock feed in fish, pig, poultry, equine and cattle farms.
In April 2023, Reuters reported that the U.S. Bunge had resumed talks for a potential acquisition of a stake in the privately-owned Brazilian soybean crusher.
Bunge's return to the negotiating table came after owner CJ CheilJedang had called off negotiations to sell a controlling stake in 2022.
CJ's business in Brazil attracted strong interest from global grain merchants at a time when Brazil's soy processing margins had improved significantly.
($1 = 1,344.3800 won) (Reporting by Ana Mano)
