China’s Ministry of Commerce has approved global dairy cooperative Fonterra‘s bid to buy a 20 percent stake in Beingmate, the Chinese dairy giant said Friday [9 January 2015]. The Shenzhen-listed company said in a statement that it received word that the strategic investment by Fonterra had been given the green light on Thursday. The approval will take six months to be put into effect, it said…Full Article: The Global Times: Jan 2015
- Fonterra received antitrust and foreign investment approval, but still has more regulatory/bureaucratic hurdles to overcome.
- In August 2014, Fonterra (based in Auckland, North Island) announced plans to purchase a 20% stake (US$467 million) in Beingmate (based in Hangzhou, Zhejiang Province). Beingmate in return would hold a 51% stake in Fonterra’s Gippslands milk powder factory in Victoria, Australia (near Melbourne).