China is poised to announce its biggest venture to date in the global agribusiness market, with state-owned Cofco buying a majority stake of the agricultural commodities unit of Noble, a Singapore-listed trading house, bankers have said.
Although China is one of the largest buyers of agricultural commodities, Cofco and other state-owned importers have limited themselves to buying from global trading houses.
But several deals suggest a new approach by Beijing. With Cofco able to buy direct from farmers around the world, it will be in competition with traders such as Archer Daniels Midland, Bunge, Cargill and Louis Dreyfus Commodities.
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