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Flour maker Gruma buys ADM's stake in it for $450M

DECATUR, Ill. (AP) -- Archer Daniels Midland Co. on Monday said it has sold its stake in Gruma back to the Mexican corn flour producer for at least $450 million, saying it wants to spend money in areas that it believes will be more profitable.

The agribusiness giant had a 23 percent interest in Gruma and had invested in joint ventures with the company.

ADM may also receive additional payments of up to $60 million over the next 42 months. Those depend on certain targets being met.

While ADM exits some businesses, it is seeking to grow in other markets. It offered $2.35 billion to buy Australian grain handler GrainCorp earlier this month. GrainCorp rejected the offer by the Decatur, Ill. company as too low.

Shares of ADM added 27 cents, or 1 percent, to $27.36 in afternoon trading.