South Korea's CJ says no to sale of Brazil soy crusher, sources say

SAO PAULO : South Korean conglomerate CJ CheilJedang [097950.KS] has decided not to sell Brazilian soy processor CJ Selecta after almost a year of talks with bidders, according to two sources with knowledge of the matter.

U.S. firms Bunge and Cargill participated in the talks until the final stage of the process, the sources said on condition of anonymity because the negotiations were not public. CJ's decision not to sell was internally communicated to Brazilian employees of CJ Selecta on July 12, one of the sources said. The company has been doing well at a time of scarce global grain supplies and high commodity prices.

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