Dive Brief:
- According to The Wall Street Journal, Chinese food giant Cofco Corp. has been snapping up companies across the world, building itself up into what could eventually be "the Chinese answer to U.S. grain and meat giant Cargill Inc."
- Cofco's purchases have included everything from Australian cane fields and French vineyards to Brazilian soybean pastures and the acquisition of a Dutch grain trader, and now the company is looking toward the U.S. for new deals.
- Cofco reported estimated revenue of $63.3 billion last year, which still falls short of some of the world's other larger agribusinesses.
Dive Insight:
The Wall Street Journal reports, "[Cofco's] charismatic, deal-making chairman, Ning Gaoning, a fluent English speaker, has transformed Cofco into a Chinese state company in contention to be globally competitive. With a lock on China’s grain trade, Cofco has access to deep state coffers, providing $10 billion for acquisitions, according to company officials. Its flour, dairy and other products permeate China’s food supply, from the farm to the dinner table."