BEIJING, CHINA — COFCO, China’s largest grain trader, is working with China Investment Corp. (CIC) to set a joint venture to control COFCO’s interests in Noble Group Ltd. and Nidera, Reuters reported on May 12, citing an unnamed source.
CIC would own 20% of the joint venture, with COFCO controlling the remaining 80%. COFCO owns 51% of Noble’s agribusiness and 51% of Nidera.
A COFCO spokesperson confirmed the shareholding structure of the new joint venture, Reuters reported. Noble declined to comment and Nidera was not immediately available for a comment.
CIC owns 9.4% of Noble, and that could increase following the creation of the joint venture.