By
Angela Tan angelat@sph.com.sg
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.
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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