UPDATE 1-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
UPDATE 1-Kirin, China Mengniu give up on sale deal for Australia's Lion-Dairy (Adds Kirin comment, context) 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. The announcement follows a media report last week that the Australian government could block the deal in what would mark its first veto since it announced a shake-up of the country’s foreign investment laws in July. Kirin said in a statement that the two companies had agreed to terminate the A$600 million ($430 million) transfer deal, signed last November, because approval from the Foreign Investment Review Board (FIRB) was unlikely to come. The Australian Financial Review reported last week that Treasurer Josh Frydenberg had gone against the advice of the FIRB, which was in favour of approving the deal. The deal had won approval from Australia’s com
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