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China Mengniu Dairy to buy Australia's Lion-Dairy for $407 mln

Nov 25 (Reuters) - China Mengniu Dairy Co Ltd on Monday said its unit has entered into an agreement to buy Australia-based dairy and beverages firm Lion-Dairy & Drinks Pty Ltd for A$600 million ($407 million).

Mengniu Dairy, part-owned by the Chinese government, is buying the producer of mainly milk-based beverages and yoghurt from a unit of the Tokyo-listed Kirin Holdings Co Ltd. ($1 = 1.4736 Australian dollars) (Reporting by Aby Jose Koilparambil in Bengaluru)

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