CITIC Agri Fund, which is controlled by Chinese conglomerate CITIC Ltd, has announced the completion of its US$1.1 billion purchase of the Brazilian seed business of Dow Chemical Co. of the United States, Reuters reports.
The news agency says the acquisition was announced in July.
The report says CITIC Agri Fund is buying the Dow Chemical seed processing plants and seed research centres in Brazil, the Morgan seed brand and a licence to use the Dow Sementes brand for a limited time.
CITIC Agri Fund plans to rename the Brazilian business LP Sementes Ltda.
Reuters quotes CITIC Agri Fund general Manager Shi Liang as saying the fund still has US$2.65 billion available for acquisitions after paying Dow Chemical US$1.1 billion, and is considering buying animal genetics, veterinary preparations and crop protection product businesses.
