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Wednesday, 2 April 2014

China's Cofco to buy 51% of Noble's unit for US$1.6b


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Cofco Corp., China's largest food company, has agreed to buy a majority stake in Noble Group's agriculture unit in a deal that values the latter at US$3.22 billion - PHOTO: REUTERS

Cofco Corp., China's largest food company, has agreed to buy a majority stake in Noble Group's agriculture unit in a deal that values the latter at US$3.22 billion.

On Wednesday, Noble said Cofco (Hong Kong) Limited, a unit of Cofco Corp, joined by Hopu Investment Management Co., a private-equity fund, will buy 51 per cent of its unit, Noble Agri International Limited (NAL) for US$1.6 billion.

If successful, Noble said the estimated gain from the sale is US$64.80 million.

The proposed sale price is equal to 1.15 times of 51 per cent of the audited book value of NAL for the financial year ending December 31, 2014.

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