Cargill Inc. won a judicial auction to buy a soybean processing plant on Alibaba Group Holding Ltd.’s Taobao website, China’s top e-commerce platform said in a statement.
The winning bid for the assets of Shandong Xinliang Oils & Fats Co. was for 421 million yuan ($62 million) and is subject to approval by the local court, an online confirmation letter showed.
The Cargill acquisition comes less than a year after the trader bought a 34% stake it didn’t already own in Hebei Jiahao Grain and Oilseeds Co., another soybean processing plant in China, from its joint-venture partner.
The acquisitions are boosting Cargill’s footprint in the world’s top soybean importer, which come at a time demand for soybean meal, a key ingredient in animal feed, is on the rise.
Read more at: https://www.bqprime.com/onweb/cargill-bets-on-china-with-deal-to-buy-another-soy-crush-plant
Copyright © BloombergQuint
