Bright Food to complete its first foreign acquisition

08:34, July 20, 2010      

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  China's Bright Dairy &Food says it has finished the company's first overseas acquisition by purchasing a majority stake in New Zealand milk producer Synlait Milk for about 382 million yuan ($56.35 million).

  Bright Food made the announcement Monday, and also said Bright Dairy will have a 51percent stake in the privately-owned Synlait after the deal is completed.

  Synlait Milk will help Bright Dairy establish a market leading position in the infant formula and milk powder category with the support of its raw material and producing platform, according to Bright Dairy.

  One Chineseexpert reacted to the news, saying New Zealand dairy products have a good reputation on the International market, and Bright Diary's steps into a high-end market will perhaps help it regain the trust of customers regarding Chinese-made milk power.

  The high-end infant milk power market has become a battlefield for dairy producers, and Bright's move gives it a stronger fist to defeat other competitors, said the expert.

  The deal awaits consent of the New Zealand's Overseas Investment Office (OIO) and the Chinese government, according to Bright Dairy.

Source: Global Times


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