Kirin, China Mengniu give up on sale deal for Australia's Lion-Dairy [Reuters]
KIRIN HLDGS CO LTD S/ADR (KNBWY)
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Source: Reuters
Kirin, China Mengniu give up on sale deal for Australia's Lion-Dairy TOKYO, Aug 25 (Reuters) - Kirin Holdings Co and China Mengniu Dairy Co said on Tuesday they have given up on the sale of the Japanese company’s wholly owned Australian dairy firm Lion-Dairy and Drinks Pty Ltd to the Chinese company. Kirin said in a statement that it and China Mengniu had agreed to terminate the transfer deal, signed last November, because the required approval from Australia’s Foreign Investment Review Board (FIRB) was unlikely to come. China Mengniu offered to buy Lion Dairy & Drinks from Kirin for A$600 million ($430 million), and had gained approval from Australia’s competition regulator in February.
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