China's Huafu Group swallowed by COFCO Corp

China's central reserve food company Huafu Group 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 U.S. dollars after acquisition of controlling stakes in two global agricultural commodities traders in October.