Tiger Brokers

CJ and Unit Forms Amino Acid JV with Archer-Daniels-Midland

MT Newswires Live
Oct 02

CJ (KRX:001040) and its second-tier subsidiary CJ Bio America, have entered into a contribution agreement with Archer-Daniels-Midland (ADM) to establish a joint venture, according to a bourse filing on Friday.

Under the agreement, CJ Bio America and ADM will contribute their entire respective feed-grade amino acid businesses and related equity interests, with ownership split 63:37 respectively.

As part of the transactions, CJ America, will contribute its feed-grade amino acid business and a 99.99% stake in CJ CheilJedang Mexico to CJ Bio America, while CheilJedang Indonesia will contribute 100% of CJ do Brasil to CJ Bio America.

All these assets will be injected into the joint venture.

Subsequently, CJ Bio America will indemnify ADM for losses arising from fraud or breach, and CJ CheilJedang will step in if CJ Bio America fails to indemnify within 30 days.

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