Bunge has agreed to buy South Korean CJ Cheiljedang Corporation's equity stake in Brazilian soy crusher CJ Selecta, Reuters reported, citing a statement on Tuesday.

Bunge did not disclose the value of the transaction, which helps it strengthen its position as a large soy processor in the world's largest producer and supplier of the oilseed.

Korean media pegged the value of the deal at 480 billion won ($357 million) for a 66% stake.

CJ Selecta, headquartered in Brazil's Minas Gerais state, owns a plant in the town of Araguari and produces soy protein concentrate used as livestock feed in fish, pig, poultry, equine and cattle farms.

In April 2023, Reuters reported that the US Bunge had resumed talks for a potential acquisition of a stake in the privately-owned Brazilian soybean crusher.

Bunge's return to the negotiating table came after owner CJ CheilJedang had called off negotiations to sell a controlling stake in 2022.

CJ's business in Brazil attracted strong interest from global grain merchants at a time when Brazil's soy processing margins had improved significantly.

($1 = 1,344.3800 won)