Australia blocks Chinese firm's bid to buy major dairy company

Australia said on Tuesday, August 25, it"would be contrary to national interests" to allow a Chinese firm to buy a major dairy producer, the latest sign of souring relations between the two countries.

"Given this approval is unlikely to be forthcoming at this time, Lion and Mengniu Dairy have mutually agreed to cease the current sale process," Lion said in a statement. Earlier this year, the Australian government moved to tighten rules covering foreign investment in the country, with temporary measures allowing increased oversight on takeovers of local firms during the pandemic.

Beijing refused to comment on the case directly at a routine foreign ministry briefing on Tuesday, but called for Australia to"provide a fair and just business environment for Chinese firms operating and investing there."

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