COFCO’s Joy City Mall in Shanghai
Chinese state-owned food company COFCO Corp. offered to buy a minority stake in Netherlands-based grain trader Nidera BV, the latest move by the world’s most-populous country to secure access to food resources.
COFCO submitted a binding bid for the stake last month, a person familiar with the transaction said. The stake is worth around US$250 million, but it wasn’t immediately clear how much COFCO will pay.
COFCO, formally China National Cereals, Oils and Foodstuffs Corporation, is China’s largest food processing, manufacturer and trader.
The company also has a successful real estate development business, COFCO Land Holdings, listed on the Hong Kong Stock Exchange. The company’s property projects include the Joy City chain of shopping malls.
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