CIC: on the acquisition trail again
In his Analects, Confucius spends much time defining what constitutes junzi – a term that literally translates as ‘the noble man’. China’s sovereign wealth has clearly been doing some research into nobility of its own.
This week China Investment Corp (CIC) announced the acquisition of a 15% stake in Singapore-listed commodity firm Noble Group for $850 million.
The move continues CIC’s strategy of switching from financial sector assets into commodity-related ones. Noble says it will use the Chinese investment to beef up its agricultural commodity trading. China is the world’s largest importer of soybeans and cotton.
Nor was CIC done buying. A day later it bought $1.9 billion of Indonesian coal firm Bumi Resources high yield bonds.
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