CHICAGO, Nov 4 (Reuters) - Archer Daniels Midland Co spent about $20 million last month to increase its stake in Wilmar International Ltd, the world’s largest palm oil processor, to 18.5 percent, new regulatory filings show.
ADM bought 9.3 million shares of Wilmar of Singapore to raise its ownership interest from 18.1 percent, the Illinois-based company said in documents submitted this week to the U.S. Securities and Exchange Commission.
The grain trader had previously declined to disclose the size of its expanded stake.
ADM “will continue to grow” its relationship with Wilmar because it provides a window to markets in China, Chief Executive Juan Luciano said on a conference call to discuss lower-than-expected quarterly earnings on Tuesday.
In March, ADM increased its stake in Wilmar to 18.1 percent from 17.3 percent. (Reporting by Tom Polansek; Editing by Alan Crosby)