February 28, 2017 / 12:36 PM / 6 months ago

UPDATE 1-China's COFCO completes takeover of grain trader Nidera

HAMBURG, Feb 28 (Reuters) - 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 statement.

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)

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