COFCO group's restructuring: approval of the merger of two flagship agricultural products

Introduction: The merger of China grain, oil and food import and export (Group) Co., Ltd and China native animal products import and Export Corporation, two flagship groups of agricultural products in the word "state" that began to be rumored several months ago, was confirmed exactly yesterday Zhou Mingchen, chairman of COFCO group, disclosed to reporters that COFCO incorporated and restructured China native animal products import and Export Corporation, which had been officially approved by the state recently Approval It is understood that at present, the total assets of COFCO group are 46 billion yuan, and that of China's soil livestock is 6 billion yuan After the merger and reorganization, all the assets of China native animal husbandry are transferred into COFCO group According to Zhou Mingchen, COFCO, as one of the world's top 500 enterprise groups, will strengthen its strength again It is understood that the restructured Zhongtu livestock will become a wholly-owned secondary subsidiary of COFCO, with the same name, independent legal person and independent operation According to Zhou Mingchen, COFCO is currently liquidating the assets of China's soil and livestock, especially investigating the net assets In terms of the book value, the net assets of China's soil and livestock are 3 billion, but need to be verified As for how to restructure the giant ship next, the plan will be officially announced around October this year Since China native animal was founded in 1949, more than three years earlier than COFCO group, Zhou Mingchen called China native animal "big brother" and refused to use the word "merger" to describe the relationship between the two sides It is understood that both COFCO group and China national native animal products import and Export Corporation were once agricultural products import and export enterprise groups under the former Ministry of foreign trade and economic cooperation After the establishment of SASAC, the two groups transferred to SASAC together The merger of the two groups is more driven by SASAC.