China's Citic Sees Brazil as Growth Driver After Corn Deal
- Citic fund has $2.5 billion available for investments
- Acquisitions seen including soybean, rice businesses
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Citic Agri Fund, an investment vehicle created by China’s largest conglomerate, has chosen Brazil as the platform for its global strategy in agriculture.
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.