A Chinese fund part-owned by conglomerate CITIC has paid $1.1 billion for some of Dow Chemical Co’s corn seed business in Brazil, in a further sign of China’s fast-expanding role in the global seed sector. The deal includes seed processing plants and seed research centers, a copy of Dow AgroSciences’ Brazilian corn germ plasm bank, the Morgan seed brand and a license for the use of the Dow Sementes brand for a certain period, Dow said on Tuesday [11 July 2017]…Full Article: The Global Times July 2017
- In 2016, CITIC Agriculture, together with Yuan Longping High-Tech Co and two other listed agricultural companies, established the CITIC Agri Fund.
- In June 2017, Shenzhen’s DJI Technology (agricultural drones) signed a MoU with Dow Agrosciences. As a result of the MoU, both companies will conduct joint pesticide application experiments on rice crops in the provinces of Heilongjiang, Jiangsu, Zhejiang, Anhui, and Jiangxi.
- In May 2017, China approved the Dow DuPont merger. According to the Ministry of Commerce, the merged company [DowDuPont] would control 40% of China’s weed killer (pesticide) market, as well as 100% of its ionomers [sealants, dental cement] and 75% of its acid copolymers [food packaging adhesives] markets. During the same month, a Chinese consortium, spearheaded by China’s CITIC Group, proposed investing a 70% to 85% stake in Myanmar’s USD 7.3 billion Kyaukphyu port. In 2016, CITIC Group rejected a 50/50 joint-venture offer by Myanmar.
- In January 2017, McDonald’s announced it would sell 80% of Chinese operations (including Hong Kong). As a result of the US$2.08 billion deal, China’s CITIC will have a 52% stake while USA’s Carlyle Group will have a 28% stake. McDonald’s will retain a 20% stake.
- In 2015, CITIC Limited became a controlling shareholder in Yuan Longping High-Tech Agriculture (SHE:000998).
- In December 2015, Dow Chemical (founded 1897, HQ in Michigan) announced it would merge with DuPont (founded in 1802, HQ in Delaware). The new company, DowDuPont, would have an estimated value of USD 130 billion. During the same month, Dow Chemicals announced they would sell/divest its global herbicide business.
- In 2012, Boyu Capital, China Investment Corp. (CIC), Citic Capital and China Development Bank bought a 5.6% stake in Alibaba, an e-commerce platform.
- Established in 1999 and headquartered in Changsha, Hunan province, Long Ping High-Tech Agriculture (SHE:000998) produces and distributes specialized crop seeds. These include hybrid rice seeds, hybrid pepper, hybrid rape, hybrid corn, hybrid cotton, musk melon and vegetables. The company manages various subsidiaries including Hunan Longping High-tech Nongping Seeds, Hunan Xiangyan Seeds, Hunan Longping High-tech Cotton & Rape Seeds, Agrochemical Development Company, Hunan Nongwei Science and Technology, Hunan Kangyida Science and Technology, and Hunan Longke Agricultural Materials.
- Founded in 1979 and headquartered Beijing, CITIC Group (formerly CITIC Pacific; HKG:0267) is a state-owned conglomerate. Dah Chong Hong Holdings (Hong Kong listed) and Citic Guoan Wine (Shanghai listed) are subsidiaries of CITIC.
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