CHINA Mengniu Dairy Co. agreed to buy organic infant formula maker Bellamy’s Australia Ltd. for A$1.5 billion ($1 billion), securing a premium brand in one of the fastest-growing segments of China’s dairy market.
The Hong Kong-based firm offered A$13.25 per share Monday for Bellamy’s, a sizable 59% premium to the stock’s last closing price. The Launceston, Tasmania-based company’s board unanimously recommended the offer.
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