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Japan's Itochu to take stake in Chinese food giant

by Staff Writers
 Tokyo (AFP) Nov 20, 2008
 Japanese trading giant Itochu Corp. said Thursday it had agreed to buy a 20 percent stake in Chinese processed food manufacturer Ting Hsin for 710 million dollars.

The deal, which is expected to be completed by May, is the latest in a series of overseas investments by the Japanese trading house to try to spur future growth as the domestic economy languishes in recession.

Ting Hsin is China's top processed food supplier in terms of market share and controls the country's biggest instant noodle maker, Tingyi Holding Corp.

- Dow Jones Newswires contributed to this story -

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