On August 23, COFCO Corporation’s subsidiary COFCO International Limited(“COFCO International”) announced that it will acquire the remaining minority stake in Nidera Capital B.V. (“Nidera”) currently held by Cygne B.V. (“Cygne”), bringing COFCO International’s ownership of Nidera to 100%. The closing of the transaction, which is subject to regulatory approvals, is anticipated to take place in the fourth quarter of this year. This transaction marks another significant milestone among COFCO’s initiatives to grow and consolidate its international agri-businesses into a world-class, integrated global platform.
This transaction is also a strong demonstration of COFCO’s commitment to Nidera’s century-long business heritage and their confidence in Nidera’s future prospects.Patrick Yu, the President of COFCO, Chairman of COFCO International and Chairman of the Supervisory Board of Nidera commented:“We would like to thank our partners at Cygne for entrusting us to guide Nidera into a new era. We are confident thatthe transaction will pave the way for a successful integration and enhance the globalization initiatives underway at COFCO.”
“The agreement is a testament to the hard work of the employees who have dedicated themselves to Nidera over the years. Cygne is proud of the company’s achievements, and confident that these will be further expanded under the leadership of COFCO. Based on the strength of our partnership with COFCO International, we have the greatest confidence in their ability to build upon the strong foundation at Nidera and look forward to Nidera’s continued success in the years to come”, said Martin Mayer-Wolf, Chairman of Cygne and Vice Chairman of the Supervisory Board of Nidera.
Dierk Overheu, CEO of Nidera, commented: “We are excited to become an integral part of COFCO’s combined international agri-business platform.All of us at Nidera are delighted at what lies ahead and I look forward to contributing my knowledge and experience to assist COFCO in building a world-leading business.”
Matt Jansen, CEO of COFCO International, commented: “Our combination enlarges the playing field and opens up new opportunities that were previously closed to us as separate companies, but that we can now pursue together. This significantly accelerates the progress we have made in building a global leader in the international agricultural and food products industries, while delivering sustainable growth and superior returns for our shareholders.”
COFCO International, a subsidiary of COFCO, is dedicated to investment and management of overseas agribusiness, including COFCO Agri Ltd, (“COFCO Agri” - originally known as Noble Agri) and Nidera, two subsidiaries under COFCO International. It completed the successful acquisition of 100% ownership in COFCO Agri earlier this year. The integration process is well underway and COFCO Agri has achieved a strong business turnaround. It is COFCO’s intention to build an integrated global platform consisting of COFCO Agri and Nidera through COFCO International. It will leverage the combined capabilities of COFCO Agri’s highly strategic asset base and Nidera’s strong origination and trading networks, along with the unique advantages of Nidera’s seeds business.