China’s Xiwang Foodstuffs has acquired 100 percent stake of Canada’s Kerr Investment Holding Corp, the Chinese firm announced on Friday [23 September 2016]. Under the deal signed in Canada on Thursday, Xiwang Foodstuffs, a private company in east China’s Shandong Province, will set up a joint venture with Primavera Capital, a China-based global investment firm, to buy the Canadian company for 730 million U.S. dollars…Full Article: ECNS.cn Sept 2016
- The Shenzhen-listed Xiwang Foodstuffs will control 75% of the joint venture (Xiwang Lovate Health Science International), while Primavera Capital will control the remaining 25%.
- In September 2016, Primavera Capital Group announced it would invest US$410 million in Yum Brands (KFC, Pizza Hut) new Chinese spinoff, while Zhejiang Ant Small & Micro Financial Services Group (Alibaba’s online payment application Alipay) would invest US$50 million.
- Founded in 2007 and headquartered in Binzhou, Shandong Province, Xiwang Foodstuffs (SHE:000639) is a major Chinese producer and distributor of corn oil. The company also markets flaxseed oil, olive oil, sunflower seed oil, and peanut oil.
- Founded in 1995 and headquartered in Oakville (near Toronto), Canada, Lovate Health Sciences International produces and distributes muscle building and other nutritional/weightlifting supplements.