Grains and oilseed merchant Nidera confirmed on Wednesday the integration of the company with China's state-run grain trading company COFCO had been put on hold.
COFCO had been looking to transform itself into a global agricultural trader with the integration of two companies in which it held majority stakes, Noble Agri and Nidera.
The Chinese company announced on Tuesday it had agreed to acquire the remaining 49% of Noble Agri from Noble Group.
Nidera said on Wednesday, however, that it had been agreed in November “to put the integration between Nidera, Cofco and Noble Agri on hold”.
“Nidera will continue to operate as a separate company within the Cofco group of companies. This enables Nidera to focus on its own business, to strengthen our organization and to prepare us for the future,” the company said in a statement.
COFCO chairman Ning Gaoning had told Reuters in November that the company did not plan to increase its 51% stake in Nidera. It had earlier been reported that it was in talks on expanding its stake.
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COFCO had been looking to transform itself into a global agricultural trader with the integration of two companies in which it held majority stakes, Noble Agri and Nidera.
The Chinese company announced on Tuesday it had agreed to acquire the remaining 49% of Noble Agri from Noble Group.
Nidera said on Wednesday, however, that it had been agreed in November “to put the integration between Nidera, Cofco and Noble Agri on hold”.
“Nidera will continue to operate as a separate company within the Cofco group of companies. This enables Nidera to focus on its own business, to strengthen our organization and to prepare us for the future,” the company said in a statement.
COFCO chairman Ning Gaoning had told Reuters in November that the company did not plan to increase its 51% stake in Nidera. It had earlier been reported that it was in talks on expanding its stake.
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