(Yicai Global) Dec. 4 -- Chinese seed company Yuan Longping High-tech Agriculture Co. [SHE:000998] (YLHA) and CITIC Agri Fund have completed the USD1.1 billion acquisition of Dow AgroSciences' corn seed business in Brazil, YLHA said in a press briefing yesterday.

The takeover includes Dow AgroSciences Sementes & Biotecnologia Brasil Ltd., the non-exclusive usage right of Dow AgroSciences' Brazilian corn germplasm bank and a license for the use of the Morgan seed brand and the Dow Sementes brand for a certain period of time.

YLHA will rename the business LP Sementes, Xinhua News Agency reported.

Dow AgroSciences is a subsidiary of US chemical giant Dow Chemical Co. [NYSE:DOW], and the deal includes Dow AgroSciences' seed processing plants and seed research centers in Brazil as well as a copy of its Brazilian corn germplasm bank.

CITIC Agri Fund has been committed to working with firms in the modern agricultural industrial chain globally and promoting industrial development through the leveraging of capital, Xinhua News Agency quoted General Manager Shi Liang as saying at a related event in in Sao Paulo, Brazil on Friday.

LP Sementes is the embodiment of agricultural cooperation between China and Brazil and boasts all-around advantages and promising prospects, said Song Yang, consul general at China's embassy in Brazil. China and Brazil are highly complementary in the agriculture industry, with China being the latter's largest export market for agricultural products, he added.