Cofco, China’s largest food company, will complete its takeover of the Dutch grain trading company, Nidera, after it agreed a deal to buy out the remaining 49% stake in the company it did not already own.

The move will bring Cofco one step closer to becoming one of the largest agricultural trading companies in the world and gives it a platform from which to compete directly with the long established ABCD companies (Archer Daniels Midland, Bunge, Cargill & Dreyfus Commodities).

While the specific terms of this deal were not disclosed, Cofco originally paid $2bn for a 51% stake in Nidera back in 2014. Cofco’s strategy to increase its global scale is clear having recently completed the takeover of the Noble Group, another major agricultural commodities trader based in Hong Kong. With control of both these agricultural trading companies, Cofco now has greater reach into the European and Latin America grain supply chains than ever before.