China’s Citic Sees Brazil as Growth Driver After Corn Deal

Citic Agri Fund, an investment vehicle created by China’s largest conglomerate, has chosen Brazil as the platform for its global strategy in agriculture, writes Tatiana Freitas on Bloomberg.com.

The Citic Ltd. fund concluded the acquisition of Dow Chemical’s Brazil corn-seed assets earlier this month in a $1.1 billion deal. Another $2.5 billion is available for new investments in research or acquisitions of other agricultural companies with profiles that match the fund’s strategy, including businesses in soybeans and rice, according to Vitor Cunha, the general manager at LP Sementes, the new company created from the corn deal.

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“Citic is starting to become an international company, and Brazil will be the global manager of this strategy,” Cunha said in a telephone interview from Ribeirao Preto, in Sao Paulo state. “The Chinese will expand its agricultural business from Brazil.”

Read more at Bloomberg.com.

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