China National Cereals, Oils and Foodstuffs Corporation announced that its subsidiary Cofco International Limited will acquire the remaining stake in Nidera from Cygne, and Cofco will gain the full ownership of Nidera with the closing of the deal.
Founded in Netherlands, Nidera is a traditional family agricultural trading company. Its grain and oil assets are mainly located in Argentina and Brazil and the company has warehousing and logistics facilities in North America and Europe. In 2013, Nidera started looking for investors across the world due to the lack of development fund. In 2014, Cofco acquired a 51% stake in Nidera.
President of Cofco Group and chairman of Cofco International Yu Xubo said that they are very optimistic about the enterprise power and development prospect of Nidera. Yu said Cofco aims to become an agriculture and foodstuffs enterprise with global layout and full industrial chain. This new transaction will lay a foundation for its integrated platform and promote Cofco's process of globalization.
Martin Mayer-Wolf, chairman of Cygne and vice chairman of Nidera, said that Cygne supports Nidera's full merger into Cofco, a fast-growing global foodstuffs provider. They believe that with the cooperation with Cofco, Nidera will gain greater development.
This deal is expected to be closed in the fourth quarter of 2016 after getting approvals of related regulatory departments.