Two years ago China’s state-owned grains trader announced a $10bn war chest for foreign mergers and acquisitions. It has now shown the will to act.
China National Cereals, Oil and Foodstuffs Corp last week charged into South American markets with a deal to buy a controlling stake in Nidera, a 94-year-old trading house.
The company known as Cofco is now in talks with Hong Kong-based Noble Group, one of Asia’s leading commodities traders, to establish a joint venture in sugar, soyabeans and wheat.
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