Thailand’s food giant Charoen Pokphand Foods will buy a 23.8% stake in CP Pokphand from Japanese trading house Itochu Corp for $1.1 billion to become its sole owner, the company said on Monday.
Bermuda-based CP Pokphand, which operates agri-food businesses such as animal farming and the sale of processed food products in China and Vietnam, was delisted from the Hong Kong stock exchange in 2022, under parent Charoen Pokphand Foods and Itochu’s joint offer to take the unit private.
Charoen Pokphand Foods is part of agro-industrial conglomerate Charoen Pokphand Group, which owns the Thailand’s second-largest mobile network and the largest convenience store operator.
“Being the sole shareholder will allow CPF to have greater flexibility in management and be able to carry out strategic operations more effectively,” Charoen Pokphand Foods said.
Itochu said in a separate statement that it expects an impact of about 125 billion yen ($888.1 million) from the deal on its net profit for fiscal year 2026.
Reuters
