Chinese state-owned food company COFCO Corp. and private-equity firm Hopu Investment Management Co. have teamed up to buy 51 percent stake in Noble Group’s agriculture business division for US$1.5 billion and form a joint venture, the Wall Street Journal reported Tuesday, citing people with knowledge of the matter. The deal will enable China to have greater control over pricing and better access to major grain-growing regions, such as Latin America and Russia, the report said. Sovereign-wealth fund China Investment Corp. owns 15 percent stake in the Singapore-listed Noble Group. Late last month, COFCO bought 51 percent stake in Netherlands-based grain trader Nidera BV.
– Contact HKEJ at [email protected]