A unit of Chinese privately held conglomerate Shanghai Pengxin Group Co has bought a controlling stake in Fiagril Ltda, a soya bean trader and biodiesel maker in Brazil, financial news agency Bloomberg reported this week.

Fiagril confirmed the purchase by Hunan Dakang Pasture Farming Co Ltd but did not disclose further details. Bloomberg quoted sources saying Hunan Dakang bought a 57-percent stake in the Brazilian firm for 1 billion reais (US$286 million).

The purchase is the biggest acquisition of a Brazilian agricultural company by a Chinese firm, the report said. In 2015, about 78 percent of Brazilian soya beans were shipped to China, data quoted by Bloomberg showed.

The website of Shanghai Pengxi said the group has business in the areas of real estate development, high-tech industry, and urban infrastructure. It has assets worth more than RMB10 billion (US$1.54 billion).