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Australia May Block Kirin Holdings Sale Of Lion Dairy & Drinks To Chinese Firm

August 20, 2020: 12:00 AM EST
An Australian Financial Review report citing an unnamed source says “diplomatic issues” may be behind a government decision to block China Mengniu Dairy’s purchase of Lion Dairy & Drinks, owned by Japan’s Kirin Holdings. Australia’s competition regulator approved the $429 million sales in February, but the sale is opposed by Treasurer Josh Frydenberg. The new comes against a backdrop of deteriorating diplomatic relations between Australia and China, after Canberra called for an independent inquiry into the origins of COVID-19. China, meanwhile, recently imposed dumping tariffs on Australian barley and halted beef imports from four Australian firms. China is Australia’s largest trading partner.[Image Credit: © LION]
Antonia Garrett Peel, "Australian government may block China Mengniu Dairy-Lion purchase deal", FoodBev Media , August 20, 2020, © FoodBev Media Ltd
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