2011-02-17 10:22

PARIS - COFCO, China's leading foodstuffs import and export group, signed a formal agreement Wednesday to purchase the Chateau de Viaud, a French wine producer in the Bordeaux region.

With the acquisition, COFCO became the first Chinese wine dealer to buy a Bordeaux winery. The purchase marks a new strategic step to a global market for Great Wall, the Chinese wine brand in COFCO's portfolio, the company said.

Chi Jingtao, the vice chairman of COFCO, spoke highly of France for its global prestige in the wine industry, during the signing ceremony.

He said his company's purchase was an important measure to reinforce its network in production chains, which will enable the globalization of the COFCO Wines & Spirits branch.

Philippe Raoux, former owner of the Chateau de Viaud, said he was happy to let COFCO take over because he believes the Chinese group can well manage and develop the business.