Global agribusiness giant Cargill has agreed to sell its Venezuela unit to local company Grupo Puig and a group of investors represented by Phoenix Global Investment, Nasdaq reported from a Reuters news item on 10 November.

The sale would affect all of Cargill's activities in the country, including plants that produced flour, pasta, cooking oil and animal feed, the company said in a statement.

“The sale seeks to ensure the continuity of operations in the country (and) access to quality goods and services that the company has provided over 34 years in Venezuela," the statement said.

Cargill had not disclosed the financial details of the transaction, Nasdaq said.

Phoenix had not immediately responded to a request for comment and Reuters said it had been unable to obtain a comment from Grupo Puig.

Overseas companies had faced problems in Venezuela due to restrictive regulations by the government of President Nicolas Maduro, according to Reuters.

However, last year Maduro had loosened those regulations but many companies still struggled to survive due to a drop in consumer spending power following years of inflation and economic contraction, Reuters said.