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16/09/2019 09:45

Mengniu Dairy (02319) proposes to buy baby food company

[ET Net News Agency, 16 September 2019] China Mengniu Dairy Company Limited (02319)
said it has entered into a scheme implementation deed with Bellamy's Australia Limited
(the target), a globally recognised Australian organic infant formula and baby food
provider whose shares are listed on the Australian Securities Exchange (ASX:BAL). Pursuant
to the deed, the company proposes to acquire all the scheme shares for a scheme
consideration of AUD12.65 per scheme share.
The total consideration payable by the company for the scheme shares is up to AUD1.46
billion. The company expects to finance the proposed acquisition from a combination of
internal resources and bank financing.
Based in Australia, the target is principally engaged in the sale of organic IMF and
food products for babies and toddlers. It is the number one organic IMF brand in Australia
and a leading organic IMF brand globally. It enjoys strong brand awareness in China and
Southeast Asia markets.
The group believes it is uniquely positioned to unlock the target's brand potential
especially in the overseas markets including China and Southeast Asia. (RC)

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