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China's CITIC Agri Fund buys Dow corn seed assets for $1.1 billion

Reuters  |  BEIJING 

BEIJING (Reuters) - A Chinese fund part-owned by congolomerate CITIC Ltd has paid $1.1 billion for some of Dow Chemical Co's corn seed business in Brazil, in a further sign of China's fast-expanding role in the global seed sector.The deal includes seed processing plants and seed research centers, a copy of Dow AgroSciences' Brazilian corn germplasm bank, the Morgan seed brand and a license for the use of the Dow Sementes brand for a certain period of time, Dow said on Tuesday. The assets, which generated revenue of about $287 million in 2016, are being sold by Dow to meet conditions set by ...

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First Published: Wed, July 12 2017. 13:50 IST
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