Two of China’s largest grain producers are looking at merging, according to a press report form the country.
Go deeper with GlobalData
The Dow Jones newswire said today (22 December) that the head of the government agency that overseas China’s largest state-owned companies had confirmed that that China National Cereals, Oils & Foodstuffs Corp, (COFCO), and China Grains & Oils Group Corp. are in merger talks.
Li Rongrong, director of the State-owned Assets Supervision and Administration Commission, was reported to have said in a press conference in Beijing: “The business of the two corporations overlap in many respects, so I believe the merger is necessary.”
He added that more details would be forthcoming at the appropriate time.
