China Mengniu and Kirin Holdings have abandoned the sale of the Japanese firm‘s Australian assets. Photo: AP
China’s Mengniu calls off deal to buy Australian drinks company after failing to get Canberra’s approval
- China Mengniu, one of China’s largest dairy firms, agreed in November to buy Lion Dairy & Drinks from Japan’s Kirin Holdings for A$600 million (US$429 million)
- News reports say Australian Treasurer Josh Frydenberg nixed the deal, contrary to advice from Foreign Investment Review Board to approve the purchase
China Mengniu and Kirin Holdings have abandoned the sale of the Japanese firm‘s Australian assets. Photo: AP