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1 MIN READ

Australia: Kirin and Mengniu to terminate Lion Dairy & Drinks deal

August 27, 2020
-
Asia Pacific, Mergers & Acquisitions, Non-Alcoholic Drinks

Kirin and Mengniu have announced that they will not complete their planned million transfer deal for tLion Dairy & Drinks, which was announced towards the end of 2019.

The deal between the two companies had been awaiting approval from Australian competition regulators.

Reuters noted that the announcement followed a media report last week that the deal might be in jeopardy after the approval of a foreign investment law in July.

“This is an unfortunate result, but the revival and restructuring of Lion Dairy & Drinks are a top priority and we will continue to look for the best scenarios for the business with Lion”, Kirin said in a statement.

“We are disappointed with this outcome and will now consider pathways forward in relation to the Lion Dairy & Drinks business”, Lion Australia added.

Sources: Lion (Australia) / Reuters

Tags
China Mengniu Dairy
Kirin
Lion Dairy & Drinks
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Australia: Kirin and Mengniu to terminate Lion Dairy & Drinks deal - Gama