Bellamy's CEO says Mengniu is an"ideal partner", offering a strong platform for distribution in China.Tasmanian-based infant formula company Bellamy's has recommended shareholders vote in favour of a $1.5 billion takeover by Chinese company Mengniu.
The takeover offers a significant 59 per cent premium to the last closing price for Bellamy's shares. Shares closed on September 13 at $8.32, and the offer from Mengniu is $12.65 per share and a $0.60 dividend per share.Bellamy's CEO Andrew Cohen said Mengniu was an"ideal partner" for the business. "It offers a strong platform for distribution and success in China, and a foundation for growth in the organic dairy and food industry in Australia," Mr Cohen said.
Mengniu CEO Lu Minfan said the company had growth ambitions for Bellamy's in Australia and the broader Asia-Pacific region, and pointed to investment in the local dairy industry to ensure there was capacity to expand.Board member John Murphy said he is hopeful that FIRB approval will be straightforward.
"At this stage we're in the process with FIRB. We're having full engagement and are co-operating in that process. It has a way to run, but we're feeling very positive. We don't want to get ahead of that process, we'll let it play through but at this stage we're feeling very positive that it will run a course."
Do you think that any Australian company or individual could own anything in China!?
China writes a cheque & nothing to see here. Oz Board recommends, shareholders happy & all good because the Oz co can’t get a licence to trade in China. Don’t worry Gladys, you’re in good company.
NO! Dont let this happen
Oh no melamine in our baby formula now.
Come One Come ALL EVERYTHING IS FOR SALE
Just like Tasmania sold the largest dairy farm in the Southern Hemisphere to the Chinese....it has been trouble since!!! Interesting that we can’t invest in large companies in China but......WTF?!
The whole country is for sale
Outrageous.
Good. Maybe now they will produce enough formula to feed all the babies that need it so there won't be any future shortages.
Too bad. The brand is going to be destroyed.
Control the source, control the price.
Unbelievable
watch American factory.... The world is changing mate!
so it probably won't happen again ？
No JoshFrydenberg stop the sell off of Australia to China auspol 9News 7News TenNews pmlive 9ACA
😬😬😬
Nightmare starts.
That's a racist headline, a Chinese listed company is offering to buy an Aussie business. Literally happens 100 times a year from many international business not just China. The comments are also racist and ignorant
I'd just like to say thank I categorically had no prior knowledge of the Chinese offer when I purchased those shares for twice that value.
Yeah ok cool 😎
should ban ''Daigou'.' they even don't pay for tax
Will this purchase put an end to pathetic sight of Chinese going in & out of supermarkets , buyng 2 tins infant formula each time, putting into shopping carts guarded by accomplices at entrance, then going back to repeat the exercise, time after time till trolley is full.👎
At least this might stop the Chinese stealing it .
Chinese mums be like
This is most definitely a matter for the Foreign Investment Review Board. The rate at which Australia is `selling the farm` is very disturbing.
Its share is falling
Bad news
👎👎👎👎
And the government want to build nukes to stop tem invading, guessing with the money from all the sales.........
👎
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