China Mengniu Dairy Co Ltd plans to buy infant formula maker Bellamy&#...
) for A$1.43 billion , sending the target’s shares soaring although the deal needs regulatory approval.
Bellamy’s shares jumped as much as 56% to A$12.98 each, their highest level in more than a year, but fell short of the combined offer price of A$13.25 per share, which is a 59% premium to the stock’s previous closing. Australian regulators in recent years have taken a hard line on Chinese takeovers of assets such as gas pipelines and huge land holdings deemed sensitive from a national security perspective.
Representatives for Australian Treasurer Josh Frydenberg, who oversees FIRB, were not immediately available for comment.“It offers a strong platform for distribution and success in China, and a foundation for growth in the organic dairy and food industry in Australia,” Bellamy Chief Executive Officer Andrew Cohen said in a statement.
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