Sinomach, China’s Top Machinery Manufacturing Company, Acquires Textile Company in Shake Up of State-Owned Enterprises

China’s State Council has approved a merger between China National Machinery Industry Corporation (Sinomach) and textile giant China Hi-Tech Group Corporation, an official statement announced Thursday [29 June 2017]. The textile conglomerate has become a wholly-owned subsidiary of Sinomach, an equipment manufacturing group, and will no longer be directly supervised by the State-owned Assets Supervision

Textile and Grains Company, Chinatex, to be Absorbed by COFCO

The State-owned Assets Supervision and Administration Commission on Friday [15 July 2016] announced the merger of China National Cereals, Oils and Foodstuffs Corp with Chinatex Corp, in the process of creating a bigger rival to compete with the so-called ABCD companies…Full Article: China.org.cn July 2016 Key Point COFCO, Chinatex, and China Grain Reserve Corporation (Sinograin)

COFCO to Merge its Grain, Oil and Sugar Assets and Seek a Stock Market Listing By 2019

COFCO Corp, China’s largest food company, is setting up a joint venture with sovereign wealth fund China Investment Corp, in preparation of a full listing for its recently acquired grain, oil and sugar assets. According to an agreement signed by the two parties on Thursday, COFCO will control 80.1 percent of the venture, to be

China’s State Council Plans on Merging the Country’s Milk Powder Companies Over the Next Four Years

The State Council announced Friday [13 June 2014] the working plan for merger and reorganization of formal milk powder enterprises in China. It aimed at a formation of 10 enterprise groups with annual sales revenue totaling 2 billion yuan ($320 million) by the end of 2015, with concentration ratio of top 10 domestic brands reaching

China’s COFCO to Acquire 51% Stake in Noble’s Agricultural Division for US$1.5 Billion

China’s largest grain trader COFCO Corporation will pay 1.5 billion U.S. dollars to acquire a 51-percent stake in the agricultural unit of Singapore-listed supply chain manager Noble Group, Noble said on Wednesday [2 April 2014]. The deal will lead to a joint venture that will link COFCO’s grain processing and distribution business with the agricultural

COFCO Purchases Majority Stake in Dutch Grain Trading Company with Operations in South America

China National Cereals, Oils and Foodstuffs Corp, known as COFCO and the country’s largest food trader, has agreed to purchase 51 percent of Rotterdam-based grain trader Nidera BV for an undisclosed sum to further expand China’s grain supply channel in South America. Nidera, with an annual turnover of more than $17 billion, is a major

Asian Private Equity Firm to Purchase 45% Stake in Shanghai’s Bright Dairy, while Bright Food Looks to Purchases Israel’s Tnuva

RRJ Capital, a private equity firm run by former Goldman Sachs partner Richard Ong, plans to invest 1.52 billion yuan (HK$1.93 billion) for a 45 per cent stake in a joint venture with Shanghai-listed Bright Dairy & Food. Bright Dairy will consolidate all the dairy farms and related business into the joint venture, Bright Holstan,