SYDNEY: China Mengniu Dairy Co Ltd plans to buy the owner of some of Australia’s best-known milk brands from Japan’s Kirin Holdings Co Ltd for A$600mil (US$407mil), its second Down Under dairy buyout in two months.
The sale of Lion Dairy & Drinks Pty Ltd would advance Kirin’s strategy of offloading underperforming assets outside Japan while giving the Chinese government part-owned company control of Australian household brands like Pura, Dairy Farmers and Moove flavoured milk.
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