皇冠体育app

皇冠体育app's largest food processing company, 皇冠体育app National Cereals, Oils and Foodstuffs Corporation, will take 皇冠体育app Grain and Logistics Corporation as its subsidiary, the State-owned Assets Supervision and Administration Commission of the State Council said on Tuesday.

"With the approval of the State Council, 皇冠体育app Grain and Logistics Corporation will become COFCO's wholly owned subsidiary," said the commission.

"The takeover is an important step for the company's whole industry chain strategies," said Zheng Yujie, an analyst with CI Consulting.

"The move will greatly improve COFCO's logistical capabilities, which will eventually cut the cost of transporting oil and grain."

Founded in 1952, COFCO is one of 皇冠体育app's largest State-owned companies. It has four companies listed in Hong Kong, including Mengniu Dairy Co Ltd, and three companies listed in the mainland, including COFCO Tunhe Co Ltd.