Global agribusiness giant Bunge is set to buy South Korean CJ Cheiljedang Corp’s equity stake in Brazilian soyabean crushing company CJ Selecta, according to a World Grain report.

One of the largest exporters of soyabean protein concentrate in Brazil, CJ Selecta is based in Minas Gerais, has an industrial unit in Araguari, a commercial office in São Paulo and several branches throughout the country. The company was acquired by CJ Cheiljedang in 2017, changing its name from Sementes Selecta to CJ Selecta.

Bunge did not disclose the financial details of the transaction, but Korean media reports valued it at US$357M for a 66% stake, the report said.

According to the report, the acquisition strengthens Bunge’s position as a leading soyabean processor in Brazil, which is the world’s largest producer and supplier of the oilseed.

CJ CheilJedang Corporation is an international food company based in Seoul that manufactures food ingredients, frozen and chilled packaged food products, pharmaceuticals and biotechnology.