Treasurer Josh Frydenberg on Friday approved the sale of Bellamy’s Australia to China Mengniu Dairy Company for $1.5 billion.
Mr Finn clarified he is not against foreign investment but rather wary of the Chinese Communist Party. “When you talk about Chinese business, you are actually talking about the buck stopping at the central committee of the Chinese Communist Party - they’re the ones who call the hosts,” he said.
Do people here follow the market and know what Bellamys actually does? Domestic market is dominated by multinationals Aptamil, Nestle, s26. Bellamys’ local market share is minuscule and barely turned a profit before Chinese consumers started buying it. If anything they overpaid.
Unfortunately the government and the bureaucrats don’t seem to be understanding what is happening. Don’t they realise that once they sell the farm ( which isn’t theirs to sell) there won’t be government to to pay them the dole.
What a dumb move...are the politicians running this government Australian ? Why can't we produce our own milk for export. And to think this weird mob just wiped out thousands of Aussie dairy farms, some generations old.
It's just a milk powder company. Which country would you prefer to sell it to? Australian milk producers will have a big market in China. We cant make money selling things to ourselves. The Australian Government doesn't own the company. What is the risk? Big new market.
disgusting this gov allowing china to buy us out
AStrongerOZ I'd be worried too.
This is so wrong!
Who didn't see that coming. Australia, just one big garage sale.
susanzh77455188 China is known for infringing intellectual property and product secrets in business. Please be very careful of that. Hope Australian companies will try to protect the valuable assets and products they developed.
I get we need investment to grow but surely is non Chinese businesses we can get investment from
Most Australians are concerned by the sell out to China.