Home  Contact Us
  Follow Us On:
 
Search:
Advertising Advertising Free Newsletter Free E-Newsletter
NEWS

China's Dairy Company to buy Australian baby formula maker Bellamy's for $1 billion
Published on: 2019-09-18
Share to
User Rating: / 0
PoorBest 

030One of China's biggest dairy companies is gearing up for a massive takeover of an Australian baby formula maker.

031Mengniu Dairy has offered 1.5 billion Australian dollars ($1 billion) to buy infant formula maker Bellamy's Australia, the companies said Monday. Bellamy's said its board had unanimously recommended shareholders vote to accept the all-cash bid, which represented a 59% premium to the company's closing price on Friday.

The deal is still subject to approval from Australian regulators.

033Earlier this year, China's top economic planning body said it wants domestic production of baby formula to be above 60% within three years. Domestic infant and toddler milk formula accounted for about 44% of the market in 2018, according to data analytics company Nielsen.

Comments (0)Add Comment

Write comment

security code
Write the displayed characters


busy
    Subscription    |     Advertising    |     Contact Us    |
Address: Magnetic Plaza, Building A4, 6th Floor, Binshui Xi Dao.
Nankai District. 300381 TIANJIN. PR CHINA
Tel: +86 22 23917700
E-mail: webmaster@businesstianjin.com
Copyright 2020 BusinessTianjin.com. All rights reserved.