COFCO takes over grain and logistics company

China's largest food processing company, China National Cereals, Oils and Foodstuffs Corporation, will take China Grain and Logistics Corporation as its subsidiary, the State-owned Assets Supervision and Administration Commission of the State Council said on Tuesday. "With the approval of the State Council, China Grain and Logistics Corporation will become COFCO's wholly owned subsidiary," said the commission. Zheng Yujie, an analyst with CI Consulting, said, "the takeover is an important step for the company's whole industry chain strategies."

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