farm sales continue

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    Chinese state-owned food and oil giant Cofco has taken control of north Queensland's Tully Sugar mill after a rival bidder agreed to sell its shareholding.

    The vice-chairman of Cofco's Australian-based subsidiary, and former labor treasurer, Keith De Lacy, confirmed the company had acquired a majority shareholding on the final day of its offer to shareholders.

    Mr De Lacy is a former Queensland labor treasurer,

    He said Cofco's ownership by the Chinese government had not deterred local growers from selling their shares to the company.

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