China’s CITIC closes $1.1 billion Brazil takeover, sees more ahead

China’s CITIC Agri Fund said on Friday it had completed its $1.1 billion acquisition of Dow Chemical’s corn seed business in Brazil, a potential vehicle for future purchases in Latin America. CITIC Agri Fund, which is partly owned by Chinese conglomerate CITIC, has about $2.65 billion available for takeovers after paying $1.1 billion to Dow, General Manager Shi Liang said. Reuters reports.
Argentina to defend agricultural exports and boost Latin America with G20 presidency
Argentina will use its role as the first South American country to chair the G20 group of major economies to combat protectionism, as the agricultural-exporting region seeks to secure market access for its goods, officials said on Thursday. “We are going to put at the center of the G20 the aspirations and concerns of the developing region, which is keen for new opportunities,” Macri said at an event in capital Buenos Aires formally inaugurating Argentina’s G20 presidency. Reuters reports.
Brazilian banks drown in liquidity as loan growth remains elusive
Brazil’s biggest banks have so many highly-liquid assets they are becoming a burden — and lenders are trying to get rid of them. As loan growth in Latin America’s largest nation takes longer than expected to pick up, firms are struggling to find avenues to invest client deposits, leading to much higher than necessary short-term cash. At the same time, a steep drop in interest rate has curbed the yield banks get from investing their liquid assets. …

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