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Cofco and Sinograin to consolidate overlapping businesses

China's state food giants agree on joint ventures to meet overhaul requirements

Cofco is China's largest food processor, manufacturer and trader.   © AP

China advanced the restructuring and consolidation of its two largest state-owned agriculture companies by setting up two joint ventures to take control of overlapping businesses.

State-owned grain giant Cofco Corp. and national grain stockpiler China Grain Reserves Group, also known as Sinograin, signed agreements on the ventures last month, according to a report Monday by a media outlet backed by the State Council's State-owned Assets Supervision and Administration Commission of the State Council (SASAC).

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