Archer Daniels Midland to invest in AgBank IPO

The US food giant will invest $200mln alongside Qatar and Kuwait sovereign investment funds and Standard Chartered.

US food giant Archer Daniels Midland will invest up to US$200 million on Agricultural Bank of China's upcoming share sale, a report said Tuesday, in what could be the world's largest initial public offering.

The purchase would put the US company among several other major investors on the massive IPO next month, including the sovereign investment funds of Qatar and Kuwait, Britain's Standard Chartered bank and two Hong Kong tycoons, Dow Jones Newswires said, citing unnamed sources.

The Qatar Investment Authority is set to be the single biggest investor as it plans to buy US$2.8 billion worth of shares, Dow Jones said.

The Kuwait Investment Authority will invest between 500 million and one billion US dollars in the sale.

Archer Daniels Midland will buy between 100 million and 200 million US dollars worth of AgBank shares.

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