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Bright bits into NZ dairy producer
By Jin Jing |
July 19, 2010, Monday
|
Online Edition
Online Edition
BRIGHT Dairy & Food Co Ltd today said it plans to buy a 51 percent stake of New Zealand dairy maker Synlait Milk Limited for 382 million yuan (US$56.38 million) as it expands overseas.
The deal, if completed, is expected to the biggest overseas merger in China's dairy industry and would give Bright a competitive edge against China's leading dairy makers Inner-Mongolia Mengniu and Yili Industrial Holdings.
Shanghai-based Bright Dairy said it would purchase 26 million new shares of Synlait at NZ$3.15 for each and become its controlling shareholder with four seats on its board.
Shortage of stable raw material has become a major problem for China's dairy companies who are keen on expansion to meet the rapidly growing market demand over the past few years. There is also quality concerns for the nation's dairy products after the dangerous chemical melamine was found in products in 2008.
Bright Dairy added that New Zealand's international reputation for dairy products would provide new opportunities and profit for its infant formula market.
The deal, if completed, is expected to the biggest overseas merger in China's dairy industry and would give Bright a competitive edge against China's leading dairy makers Inner-Mongolia Mengniu and Yili Industrial Holdings.
Shanghai-based Bright Dairy said it would purchase 26 million new shares of Synlait at NZ$3.15 for each and become its controlling shareholder with four seats on its board.
Shortage of stable raw material has become a major problem for China's dairy companies who are keen on expansion to meet the rapidly growing market demand over the past few years. There is also quality concerns for the nation's dairy products after the dangerous chemical melamine was found in products in 2008.
Bright Dairy added that New Zealand's international reputation for dairy products would provide new opportunities and profit for its infant formula market.
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