Archer Daniels Midland, others to take ownership in 17 Cooagrgi grain operations; converting from debt to equity after co-op stumbles

In Brazil, Archer Daniels Midland said that it is nearing an agreement to start a new company that would assume ownership of 17 Cooagri cooperative grain elevators, after Cooagri’s credit lines evaporated in the current economic climate. The new entity would include the remainder of Cooagri’s creditos as equity stakeholders. ADM was the largest creditor of the company, which has 4,000 associated farmers.

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