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Is Cofco deal short-changing Noble shareholders?

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The final price will be equivalent to 1.15 times the 2014 book value of Noble's agricultural business - PHOTO: REUTERS

LAST week, Noble Group said it was selling a 51 per cent stake in its agricultural business to China's Cofco Corp for an initial US$1.5 billion. The final price will be equivalent to 1.15 times the 2014 book value of Noble's agricultural business. Based on Noble Agri's audited book value of US$2

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