China's state-backed grain trading firm Cofco Corp. announced on Tuesday that it would acquire the remaining 49 percent stake of Netherlands-based grain trader Nidera NV.

Cofco revealed that both parties arrived at a "definitive agreement," and the deal, which is subject to regulatory approvals, is anticipated to be closed in the fourth quarter.

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According to Matt Jansen, CEO of Cofco Agri and Cofco International, the company was in no rush to take full ownership of Nidera three months ago, but the latest move is described as a "transformative" for the trader's plans, the Financial Times reported.

"In this instance, we are going beyond incremental improvements - this is a transformative deal that will help us evolve and thrive over the long-term," Jansen said. "Our combination enlarges the playing field and opens up new opportunities that were previously closed to us as separate companies, but that we can now pursue together."

The price for the remaining stake was not disclosed, the Wall Street Journal reported.

"The acquisition represents an important accomplishment for COFCO International as we continue to realize our vision of building a world-class global agri-business," Patrick Yu, president of Cofco and chairman of the trading unit, told The Financial Times, adding that the latest move could accelerate the integration of Cofco's various parts.

The deal came after Cofco completed the buyout of another agricultural key player Singapore-listed Noble Group Ltd. early this year, paying $750 million for the 49 percent stake it did not already own.

TagsCOFCO, grain, grain trader, Nidera