Date£º
2014-10-31 14:45 Source£º
www.tyjzk Author:
Translator:
sarah
On October 28th,COFCO announced in Beijing that it has closed its overseas acquisitions. It is China's largest international grain and oil acquisition.
The two acquisitions includes acquiring Nidera¡¯s 51% stake and Noble Agri Ltd¡¯s 51% shares.Both deals worth $3 billion.
For two acquisitions,Ning Gaoning, chairman of COFCO said the motivation is to improve China's demand for overseas grain and oil, at the same time bring income of global grain investment.
After the acquisition, COFCO¡¯s total asset will be more than $57 billion,total revenue will reach $63.3 billion.And annual processing capacity will be 84 million tons.
According to the Wall Street journal¡¯s report on 29th, Ning Gaoning said the group is planning for an initial public offering (IPO).The listing may need three years.But in short time, he said there would be no big acquisitions.