COFCO to expand

SHANGHAI: China’s largest food company COFCO is to buy 100 per cent of the agricultural arm of embattled trader Noble Group, the companies said on Wednesday, in the latest move by China to expand its global reach. COFCO, which says it supplies grain and oil to a quarter of the world’s population, bought 51 per cent of Hong Kong-based Noble’s agricultural subsidiary in April 2014. COFCO will now spend $750 million to buy the remaining 49 per cent of Noble Agri, which trades grain, sugar, cotton and coffee in around 30 countries.