Corn Products International, a big producer of corn-based sweeteners, said on Monday that it has agreed to buy the National Starch division of AkzoNobel for about $1.3 billion in cash.
The deal will create a new sugars-and-starch giant with $5 billion in revenues. It would also be Corn Products’ first major deal since its aborted effort to sell itself to Bunge of Brazil for $4.4 in stock billion two years ago.
That deal sank after Corn Products’ board took the unusual step of withdrawing its recommendation of the Bunge deal, citing a drop in the would-be acquirer’s stock price.
Two years later, with the equity and debt markets far more hospitable to deal-making, Corn Products said its National Starch deal will bolster the company’s offerings and expand its footprint worldwide.
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