Australia said Tuesday it 'would be contrary to national interests' to allow a Chinese firm to buy a major dairy producer, the latest sign of ...
China's Mengniu has pulled out of a bid to buy a Japanese-owned dairy producer in Australia after Canberra said it was against national interests AFP/WANG ZhaoSYDNEY: Australia said Tuesday it"would be contrary to national interests" to allow a Chinese firm to buy a major dairy producer, the latest sign of souring relations between the two countries.
Although Australia's consumer watchdog had earlier cleared the deal, Australian Treasurer Josh Frydenberg said in a statement on Tuesday that the sale"would be contrary to the national interest". Earlier this year the Australian government moved to tighten rules covering foreign investment in the country, with temporary measures allowing increased oversight on takeovers of local firms during the pandemic.Just last year, Inner Mongolia-headquartered Mengniu was given approval to purchase of one Australia's largest baby formula manufacturers, Bellamy's.
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