The Foreign Investment Review Board has informed dairy manufacturer Bellamy’s Australia that it has no objection to the company being sold to a Chinese group.
The FIRB green light brings closer the sale of Tasmania based Bellamy’s which has made huge inroads into Chinese infant formula markets with its certified organic, Made in Australia product range.
The company’s pastures are not sprayed with synthetic fertilisers or pesticides, and its’ cows are not fed hormones, antibiotics or GMO feeds.
China Mengniu Dairy Company subsidiary Mengniu is offering to buy Bellamy’s via a scheme of arrangement for $1.5 billion.
TheChinese dairy manufacturer is list ed on the Hong Kong stock exchange and already has an indirect interest in Gippsland-based dairy processor Burra Foods.
The sale is recommended by Bellamy’s directors, but has yet to be approved by shareholders.
Picture: Bellamy’s Australia
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