"We need to know more about the undertakings that have been given and that they’ll be followed through.”
In a statement to the ASX, Bellamy's confirmed that Mengniu had received written advice from the FIRB that the Commonwealth did not object to the deal."The implementation of the scheme remains subject to a number of conditions, including approval of Bellamy's shareholders at the Scheme Meeting, court approval, and the satisfaction or waiver of certain other customary conditions as outlined in the Scheme Implementation Deed," Bellamy's said.
Bellamy's, which describes itself as Australia's number one organic infant formula business, generates significant sales in China but has been hamstrung in recent times because it does not have the required approval for its organic infant formulas to be sold in Chinese retail outlets. It applied for this regulatory tick at the end of 2017.
Australia sold out
They’ve bought Africa & Built armies, clever actually our greed will end us
The FIRB, who sits on this board ? We all know that the Chinese will not obey our strict conditions, remember the disgrace of putting melamine in the milk and children died, what else would they get up to ? If I had toddlers I wouldn't buy this brand of formula, it's too risky.
karenricks Looks more like aus is also for sale via their politicians. Enjoy the 10 years of conditions and watered down short term “investment”. Rip US and AUS
If it goes ahead, what’s a bet that company tax will not be paid or will be greatly reduced.
Gosh. China buys Greece and Bellamys all in the same week. shoppingspree auspol
So looks like all the production will be sold to China directly using Aussie ingredients? The Aussie supermarket shelves will remain empty then?
So we need this Chinese investment to keep jobs for Australians. Considering one of the conditions is that head office remains in Australia for at least 10 years. After that......
Just a big head baby for reference
WTF
Nothing China does is ever in Australia's interests. Never. They know we are a soft target and will continue to take advantage of us, unless our governments 'grow a pair'. JoshFrydenberg, I thought you were better than this.
Not another take-over by the Chinese. Frydenberg you are a selling us down the drain. No more foreign takeovers. No more graft and corruption.
I am not going to buy that....
SOE ie state owned corp dont pay tax if any There is a precedent with similar SEO in coal We r being ripped off
Why do we deal with China? We boycotted SthAfrica over apartheit. China’s human rights record is nonexistent. Harvesting human organs. ‘Re-education’ camps. Arbitrary killings. The list of human rights abuse go on an on. Ignoring UN protocols. China sucks. ($$$$$$$$$ rule)
karenricks Yes several Swiss bank account numbers.
Pure greed. China know to target the weak and needy.
'not contrary to the national interest.'. give it a while and it most certainly will.
Maybe the FIR Board needs reviewing
So are we going to see melamine in our baby food from now on? Who would trust any firm owned by the Chinese to produce food fit for purpose?
I wonder what that means for foodsafety standards and detailed product contents and information including origin of specific ingredients. China's rules and practices are somewhat different to Australia's, plus less local accountability if there is an issue.