Global agribusiness giant Cargill has acquired an oilseed crusher based in north China, according to a court document seen by AgriCensus on 15 September.
The company had outbid competitors at an auction for the assets and facilities owned by Shandong Xinliang Oil Ltd, the document showed.
Cargill had secured the acquisition with the ‘highest price’ at CNY421M (US$62M).
The ownership of ‘land-use rights, real estate, production equipment and other attachments under the company’s name’ would be transferred to Cargill, the document said.
Cargill’s latest acquisition would strengthen its presence in China and would bring its crushing capacity to five facilities across the country.
China is the world’s largest soyabean importer and was expected to buy up to 99M tonnes of soyabeans in the 2020/21 marketing year, AgriCensus said.