Archer Daniels Midland invests in Chinese AgBank
US food giant Archer Daniels Midland will invest up to US$200 million in Agricultural Bank of China’s upcoming share sale, in what could possibly be the world’s largest initial public offering.
The purchase would put the US company among several other key investors in the massive IPO next month, including the sovereign investment funds of Qatar and Kuwait, British bank Standard Chartered and two Hong Kong tycoons.
Archer Daniels Midland will buy between $100 million and $200 million worth of AgBank shares.
AgBank — the last of China’s big four lenders to list — plans to float its shares in Hong Kong and Shanghai next month.
Recent estimates on the size of the offering have ranged from about $19 billion to about $28 billion.
The world’s biggest IPO so far is the $22 billion offering of Industrial and Commercial Bank of China in 2006.
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