Cofco Buys Noble Agri Unit Stake as China Seeks Food Supply

Cofco Corp., China’s largest grain trader, agreed to pay $1.5 billion upfront for just over half of Noble Group Ltd.’s agricultural trading unit to broaden its access to food supplies.

The purchase highlights China’s push to secure more food overseas as it juggles insufficient farming resources at home against a dependence on imports. It’s the second such deal for Cofco this year after it agreed to buy a majority stake in Dutch grain trader Nidera BV in February.