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Japanese Kirin Holdings and China Mengniu Dairy have announced that they will not complete the US$429 million transfer deal for the company Lion Dairy & Drinks.
The deal between the two companies was made last November and was waiting for the approval of the Australian competition regulators.
This announcement followed a media report last week that notice a possible deal blockage from the Australian government, 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,” said Kirin Holdings in a statement.
Sources: Reuters
