Reuters: Mergers News: UPDATE 1-DuPont buys Bunge's stake in soy JV for $440 mln

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UPDATE 1-DuPont buys Bunge's stake in soy JV for $440 mln May 1st 2012, 15:45 Tue May 1, 2012 11:45am EDT May 1 (Reuters) - Chemicals maker DuPont acquired Bunge Ltd's stake in their soy-based ingredients joint venture for $440 million, its latest deal in the food sector after the $6.4 billion takeover of Danish food enzyme maker Danisco last year. The Solae JV, which produces soy supplement extracted from soybean, was formed in 2003 with DuPont owning a 72 percent stake. DuPont said in March it expected soy supplements to fuel much of the growth in its food ingredients business. With the full ownership of Solae, pretax earnings margins of DuPont's nutrition and health business will be closer to the upper end of its long-term target of 12-14 percent, it said. Agribusiness and food company Bunge said the deal to sell its minority stake in Solae will help it put capital into its "strategic, core businesses." DuPont shares were up about 1 percent at $53.88 on the New York Stock Exchange. Bunge shares were up 2 percent in late morning trade.

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