Mitsubishi Corp. proposed to buy Norwegian fishery Cermaq ASA for 8.88 billion kroner ($1.4 billion) to expand its foods business.

The offer is 14 percent more than Cermaq's closing price Friday, the trading house said Monday. Cermaq's headquarters will remain in Norway, it said.

Mitsubishi is following other Japanese traders by moving into the food industry as a slowdown in the pace of Chinese demand for coal and iron ore prompts a shift in focus.