Commodities

China Mengniu gets go ahead for buyout of formula maker Bellamy's

Credit: REUTERS/KIM KYUNG-HOON

Australia has conditionally approved China Mengniu Dairy Co's A$1.43 billion ($980.27 million) takeover of infant formula maker Bellamy's Australia Ltd, the country's Treasurer Josh Frydenberg said on Friday.

Nov 15 (Reuters) - Australia has conditionally approved China Mengniu Dairy Co's 2319.HK A$1.43 billion ($980.27 million) takeover of infant formula maker Bellamy's Australia Ltd BAL.AX, the country's Treasurer Josh Frydenberg said on Friday.

The conditions include keeping Bellamy's headquartered in Australia for at least 10 years, the majority of its board Australian citizens living in the country and an investment of at least A$12 million at processing facilitates in Victoria, a statement said.

($1 = 1.4588 Australian dollars)

(Reporting by Nikhil Kurian Nainan in Bengaluru Editing by Byron Kaye and Chris Reese)

((NikhilKurian.Nainan@thomsonreuters.com; Twitter: @NikhilKurianN; +91 806 749 1637;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More