$600m dairy deal with Chinese company ditched amid trade tensions

A $600 million deal to sell the maker of Pura milk, Dare iced coffee and Yoplait yoghurt to a Chinese company has been terminated, after failing to secure the approval of the Foreign Investment Review Board.

"Lion notes that China Mengniu Dairy Company Limited has been awaiting the outcome of the Foreign Investment Review Board review of its proposed purchase of Lion Dairy & Drinks," the statement said. "Given this approval is unlikely to be forthcoming at this time, Lion and Mengniu Dairy have mutually agreed to cease the current sale process.

"We are disappointed with this outcome and will now consider pathways forward in relation to the Lion Dairy & Drinks business."Its portfolio also includes Dare and Farmers Union iced coffee; Big M, Dairy Farmers and Pura Classic flavoured milk; Vitasoy soy milk and coconut milk; juice brands Daily Juice, The Juice Brothers and Berri; and Yoplait yoghurt, under licence.

Source: News Formal (newsformal.com)

Thank God you are finally standing up to them. THANK YOU. Not everyone realises how smug they are about their plan to buy out Australia. The Chinese already think NSW is theirs to do with as they please.

funny how the company is already owned by the Japanese company, bet whoever is in charge won't buy it back from Japan😂

Chinese government wants all of Australia & guess what? You can't have it!

smart boys called off the deal between the Japanese and the Chinese before the politician tries to use it for political reasons to gain votes..lol

Quote: 'the $600m acquisition of Lion Dairy [Japanese owned] by China Mengniu Dairy Co hasn't sat well with Frydenberg. Yet both the Foreign Investment Review Board & Treasury are A-OK with the deal.' But, why won't 🇨🇳 ministers answer 🇦🇺 phone calls? 😅

Yaa Hoo !! Thank goodness for that, we have already sold many companies and lands/properties to the Chinese and it has to stop.

good at last something in the national interest. OneNationAus

They need our milk our formula this shows they need it. Tell them release the vaccine they have and then talk milk. I haven't forgotten the formula they had people sending over there for 300 a can.

Good. Why do we need the Chinese to own Australian businesses, when they do not allow Australians to buy theirs?

wouldn't trust any food products from China - probably poisoned

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