China's Huafu Group swallowed by COFCO

A China National Cereals, Oils and Foodstuffs Corporation (COFCO) booth at the Beijing Green and Organic Food Expo, Nov 27, 2008. [Photo/CFP]

BEIJING - China's central reserve food company China Huafu Trade & Development Group Corp has integrated into another State-owned enterprise (SOE) COFCO Corp to become the latter's wholly-owned subsidiary.

Huafu Group will no longer be administered by the State-owned Assets Supervision and Administration Commission (SASAC) after the combination, the SASAC said.

There will be 112 SOEs under the administration of the commission.

Huafu Group's main business contains national non-staple food reserves and the processing and distribution of foodstuffs.

COFCO Corp is China's largest food manufacturer and trader and a Fortune 500 company, with its assets exceeding $57 billion after acquisition of controlling stakes in two global agricultural commodities traders in October.