HAMBURG Feb 28 Chinese trading house COFCO
Group said on Tuesday it had completed the takeover of Dutch
grain trader Nidera.
COFCO completed the acquisition of all remaining shares in
Nidera it did not previously own on Feb. 28, it said in a
COFCO has embarked on an aggressive expansion into
international grain trading, having invested over $3 billion to
buy Noble Group's agribusiness and a large stake in
Dutch grain trader Nidera, giving it assets in some of the
world's top grain and vegetable oil producing regions.
As expected, COFCO confirmed that Dierk Overheu will step
down from his position as CEO of Nidera as the deal closes.
Johnny Chi has been appointed the new CEO of Nidera
effective immediately, COFCO said.
"As CEO of COFCO International (CIL), Cofco Agri (CAL) and
Nidera, Mr Chi will lead the teams towards the accelerated
integration of Nidera and CAL into CIL," COFCO said.
(Reporting by Michael Hogan, Jonathan Saul and Gus Trompiz,
editing by David Evans)