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Korea M&A Corporation
Itochu to Buy China Processed-Food Company Stake 본문
Nov. 20 (Bloomberg) -- Itochu Corp., an Osaka, Japan-based trading company, will acquire a 20 percent stake in Ting Hsin Group, a China-based food processor, for 70 billion yen ($730 million), Nikkei English News reported, without saying where it got the information.
The acquisition gives Itochu a foothold in the expanding processed-food market in China, which is forecast to grow by 30 percent to 104 trillion yen in 2008, Nikkei said.
For Ting Hsin, the partnership bolsters its reputation amid a series of food scares in China, and a growing public interest in food safety, the news service said. Demand for high-quality processed food is increasing in China as the middle class expands, Nikkei said.
Itochu will gain the stake in Ting Hsin through a holding company, Ting Hsin International Group, Nikkei reported. In January, Itochu will buy some of the shares held by Ting Hsin's founding family, Nikkei said. In May, it will obtain new shares in a private placement, the news service said.