Australia blocks Kirin's $430M sale of business to Chinese [ABC News]
KIRIN HLDGS CO LTD S/ADR (KNBWY)
US:NASDAQ Investor Relations:
kirinholdings.co.jp/english/ir
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Source: ABC News
CANBERRA, Australia -- Australia's government announced on Tuesday it proposed to block Kirin Holdings Co.'s 45.6 billion yen ($430 million) sale of itsTreasurer Josh Frydenberg said he had advised the buyer China Mengniu Dairy Co. that the sale of the Japanese company'sFrydenberg's statement did not elaborate.Kirin and China Mengniu Dairy Co. said they had decided not to continue with the sale, agreed to in November, after Frydenberg expressed his preliminary view to block the deal.In practice, such preliminary decisions are final.Kirin said the sale required approval of the Australia’s Foreign Investment Review Board.“Given this approval has not been secured to date and is unlikely to be forthcoming at this time, regrettably, the parties have agreed to terminate the agreement,? a Kirin statement saidFrydenberg announced his veto after The Australian Financial Review last week reported that the Foreign Investment Review Board had approved the sale more than six months ago.Asked about
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