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

The transaction will help Bunge strengthen its position as a large soy processor in the world's largest producer and supplier of oilseed.

CJ CheilJedang acquired Brazilian soy protein concentrate maker Selecta in 2017 and changed the company’s name to CJ Selecta. Headquartered in Brazil's Minas Gerais state, it 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. CJ's business in Brazil attracted strong interest from global grain merchants at a time when Brazil's soy processing margins had improved significantly.

The Korean food giant seeks to intensify its bio businesses and improve management efficiency via the sale, Korean local news reported.