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