November 7, 2011

 

China COFCO targets US$10-billion overseas mergers and acquisitions
 

 

China's largest grain and edible oils trader COFCO Group Ltd plans to spend more than US$10 billion on mergers and acquisitions abroad over the next five years, a company board member said.

 

China's government has been encouraging its agricultural companies to expand their profiles overseas, as the country faces limits on its yields at home.

 

COFCO will focus on a number of markets including the US, Australia and Southeast Asia, board member Jiang Hua said.

 

The company's chairman Ning Gaoning said last month it is also seeking foreign investment to help secure supplies of commodities including sugar, wheat and soy.