State Food Giants to Consolidate Overlapping Businesses

China advanced the restructuring and consolidation of its two largest state-owned agriculture companies by setting up two joint ventures to take control of overlapping businesses.

State-owned grain giant Cofco Corp. and national grain stockpiler China Grain Reserves Group, also known as Sinograin, signed agreements on the ventures last month, according to a report Monday by a media outlet backed by the State Council’s State-owned Assets Supervision and Administration Commission of the (SASAC).