Cofco bids for stake in dutch grain trader

Cofco, China’s largest state-owned grain trader, has offered to buy a minority stake in Nidera, a Dutch grain trader, as China continues to secure food resources, The Wall Street Journal reported. Cofco submitted a bid for the stake in December and is said to be worth around US$250 million. The Chinese company already has a stake in Tully Sugar, an Australian sugar producer, and its units include China Mengniu Dairy (2319.HKG), China Foods (0506.HKG) and China Agri-Industries Holdings (0606.HKG). Chinese companies are eager to gain access to agricultural resources as increasing urbanization changes domestic food tastes and drives demand.