Yahoo Finance Korea’s CJ Said to Revive Sale of $2 Billion Animal Feed Assets
(Bloomberg) -- South Korea’s CJ CheilJedang Corp. is considering reviving a sale of its animal feed business, according to people familiar with the matter, in what would be at least a second attempt in recent years.
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The Seoul-based company, part of conglomerate CJ Group, is working with advisers as it evaluates a potential sale of CJ Feed&Care, the people said, asking not to be identified because the matter is private. A transaction may value the business at about $2 billion, they said.
The animal feed assets could draw interest from other industry players and investment funds, one of the people said. Considerations are preliminary and the company could decide not to pursue a sale, the people said.
A representative for CJ CheilJedang declined to comment.
CJ CheilJedang announced plans to spin off its animal feed business in 2019 and held talks with Dutch aqua-feed supplier Nutreco NV about the assets, including feed mills in China and Southeast Asia, people familiar with the matter said at the time.
CJ CheilJedang has a market value of $3.4 billion. Its shares are down 3% this year.
CJ Feed&Care started producing feed products in 1973 in Busan, South Korea, according to its website. It now has about 27 feed plants in seven countries in Asia. The group has other business lines including livestock and fresh meat.
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