Japan's Itochu Corp. entered into a USD 1 billion (EUR 742 million) tie-up with Thai billionaire Dhanin Chearavanont's Charoen Pokphand Group (CP) to target rising demand for meat and livestock products in China and other parts of Asia.
The tie-up involves the sale of a stake in one of Japan's oldest trading houses to a non-Japanese investor. The size of the stake, at almost 5 percent, is relatively huge for strategic deals between Japanese trading houses and foreigners.
Itochu is cementing ties with a group that has operated in China for more than three decades. Through the tie-up, Japan's third-largest trading house can expect to deepen its already significant presence in China.
