Bright Dairy to conduct first ever overseas acquisition

16:54, July 20, 2010      

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Shanghai Bright Dairy and Food Company stated on July 18 that it will acquire a 51 percent stake in Synlait Milk Limited, one of New Zealand's five independent milk processors. This is the first overseas acquisition launched by a Chinese dairy company.

According to the agreement, Bright Dairy will buy 26 million shares, or a 51 percent stake in Synlait Milk. Bright Dairy will spend a total of 382 million yuan to buy the shares at the price of 3.15 New Zealand dollars per share.

It is said that with the sharp expansion of China's dairy market, China's dairy industry has faced some severe challenges such as milk source shortages and unstable milk quality. Getting a stable supply of premium milk from New Zealand can partly account for Bright Dairy's move.

By People's Daily Online


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