Australia Treasurer Josh Frydenberg has gone against the advice of the Foreign Investment Review Board which was to approve the A$600 million deal, the report said, citing unidentified sources.
China Mengniu Dairy Co offered to buy Lion Dairy & Drinks Pty Ltd from Japan’s Kirin Holdings Co Ltd in November last year. Australia in June announced the biggest shakeup of its foreign investment laws in almost half a century, giving the treasurer last-resort powers to vary or impose conditions on a deal or force a divestment after it has been approved by FIRB.
The law also empowers the government to force the sale of a business if it deems it a national security risk.“The government does not comment on the details of foreign investment screening arrangements as they apply, or could apply, to particular cases,” he said in an emailed response.
Don't let China buy your companies or real estate.
Good. Fuck’em.
Ummm whats with the picture?
Australia is making a big mistake by stopping China. China is becoming a giant of Asian region so down under countries should take decisions wisely in the favour of China.
Smart
Excellent, do not let them buy of Australia. They are trying to control your mines, processing factories, and your 'group of eight' universities.