Corn pro­ducer to de­velop diet prod­ucts

China Daily (USA) - - BUSINESS -

A lead­ing Chi­nese corn oil pro­ducer says it will de­velop diet prod­ucts tai­lor-made for Chi­nese con­sumers, after it has com­pleted the ac­qui­si­tion of Cana­dian diet food com­pany Kerr In­vest­men­tHold­ing. Sources at Shen­zhen Stock Ex­change-listed Xi­wang Food­stuffs, based in east China’s Shan­dong prov­ince, said the con­sor­tium it set up with Chi­nese in­vest­ment firm Pri­mav­era Cap­i­tal will con­clude the pur­chase of Kerr by Novem­ber. The deal, val­ued at 4.8 bil­lion yuan ($713 mil­lion), was en­dorsed in a Xi­wang ex­tra­or­di­nary share­hold­ers meet­ing, the sources said.

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