COFCO wrests full control of Noble Agri

State-owned China National Cereals, Oils and Foodstuffs Corp is taking full control of Noble Agri Ltd, after buying the remaining 49 percent of the company still owned by Noble Group, the Hong Kong-based global supply chain manager.

Its subsidiary COFCO International Ltd will acquire the stake for $750 million, and on completion, Noble Agri will have its name changed to COFCO Agri.

COFCO bought 51 percent of Noble Agri in 2014, and since then has been actively engaged in resource consolidation to optimize asset allocation and boosting its profitability, Chairman Ning Gaoning said in a statement.