COFCO buys Chilean vineyard
- Source: Global Times
- [13:52 September 20 2010]
China National Cereals, Oils and Foodstuffs Corporation (COFCO) took its first step on to overseas vineyard acquisitions by purchasing Biscottes vineyard in Chile recently, announced Qu Zhe, assistant president of COFCO Sunday.
The acquisition cost the company $18 million after negotiations prolonged for a year.
''After the acquisition, the current management team of the vineyard will remain in tact, but COFCO will launch a new wine brand to replace Biscottes,'' released Qu.
''Meanwhile, COFCO is to continue Biscottes' business in Europe and US, but at the same time guide the Chilean wine into China,'' Qu added.
COFCO is still negotiating with other foreign wineries for acquisition.