Nidera and COFCO Finalize Joint Venture
15 Oct 2014 --- The transaction between Nidera and COFCO, announced on February 28, 2014 has been finalized. All regulatory approvals have been obtained to close the transaction whereby an investment consortium led by COFCO, consisting of Hopu Investment, Temasek, IFC, Standard and Chartered Private Equity, has acquired 51% of Nidera.
The partnership provides Nidera with great potential for growth in the Chinese market. It also strengthens COFCO’s position as a key player in the global agricultural industry through access to Nidera’s global origination and trading network and its fast growing seed business.
Ton van der Laan, CEO of Nidera: “This generates great growth opportunities. The Chinese and Asian markets are of great importance to Nidera. We were looking for a strong partner to jointly invest in future growth and a strategic partnership with COFCO is an ideal choice for Nidera and will benefit both sides”.
Patrick Yu, President of COFCO: “We’re happy to see the completion of the transaction,” said Patrick Yu, the COFCO president. “ Nidera enjoys an important global purchasing platform, trading network as well as a highly experienced management team. We are looking forward to working with Nidera to develop our companies, to contribute to the global market and to better serve our consumers. ” According to Yu, COFCO and Nidera will share market information and promote Nidera’s seed business in China, which will promote the development of China’s domestic seed sector by upgrading the level of R&D and service in the domestic industry.
“In seizing this opportunity, COFCO is aiming to establish itself as a global player with a fully integrated value chain worldwide, and to contribute to the stability and development of the global market,” said Frank Ning, Chairman of COFCO.
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