Noble Group Ltd said on Tuesday it would sell its remaining 49% stake in its agro-business to China's state-owned COFCO International Ltd, exiting agricultural markets as Asia's biggest commodity merchant seeks to slash debt.
The US$750 million cash deal will hand COFCO full ownership of Noble Agri, which will be renamed COFCO Agri. It will handle everything from corn to sugar to cocoa and fertiliser, as China, the world's top commodities buyer, seeks greater access to food.
The purchase will also expand COFCO's global footprint in agricultural markets, rivalling the "ABCD" quartet of companies - Archer Daniels Midland, Bunge, Cargill and Louis Dreyfus.
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The US$750 million cash deal will hand COFCO full ownership of Noble Agri, which will be renamed COFCO Agri. It will handle everything from corn to sugar to cocoa and fertiliser, as China, the world's top commodities buyer, seeks greater access to food.
The purchase will also expand COFCO's global footprint in agricultural markets, rivalling the "ABCD" quartet of companies - Archer Daniels Midland, Bunge, Cargill and Louis Dreyfus.
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