November 14, 2019 / 9:23 PM / a month ago

China Mengniu gets go ahead for buyout of formula maker Bellamy's

Nov 15 (Reuters) - Australia has conditionally approved China Mengniu Dairy Co’s A$1.43 billion ($980.27 million) takeover of infant formula maker Bellamy’s Australia Ltd, the country’s Treasurer Josh Frydenberg said on Friday.

The conditions include keeping Bellamy’s headquartered in Australia for at least 10 years, the majority of its board Australian citizens living in the country and an investment of at least A$12 million at processing facilitates in Victoria, a statement said.

$1 = 1.4588 Australian dollars Reporting by Nikhil Kurian Nainan in Bengaluru Editing by Byron Kaye and Chris Reese

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