COFCO … to deepen its
cooperation with the foreign giant … in attempt to boost the development of the
Chinese food processing industry…
COFCO Agreed by FTC
to Buy
Trading Markets
Friday, July 18, 2008
BEIJING, Jul 18, 2008 (SinoCast via COMTEX) -- SFD | Quote | Chart | News | PowerRating -- China National Cereals, Oils & Foodstuffs Import & Export Corporation (COFCO), the largest oils and food importer and exporter in China, has gained approval from the US Federal Trade Commission (FTC) to acquire a 4.95% stake in the US-based Smithfield Foods Inc., the largest pork producer and processor in the world, announced the acquirer on July 16, 2008.
On July 30, the US-based company disclosed that it would
sell 7 million shares to the Chinese leading food manufacturer, which was
likely to be completed in August. This is the latest deal that a foreign
company buys into a
COFCO Chairman Gao Ning said that the company hoped to
deepen its cooperation with the foreign giant, which has annual sales of up to
USD 11 billion, in attempt to boost the development of the Chinese food
processing industry. Due to bad weather and rising cost, pork prices in
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