Hong Kong (CNN Business) China Mengniu Dairy has called off its plan to buy an Australian drinks business for $430 million after the government in Australia said it would likely oppose the deal. The Australian company, Lion Dairy, and its owner, Japanese beverage giant Kirin, both said in separate statements that approval from regulators was "unlikely to" materialize. Under the agreement, Kirin would have offloaded Lion Dairy — an Australian milk and juice business that is home to well-known brands such as Dairy Farmers, Pura and Vitasoy — to Mengniu. Frydenberg confirmed Tuesday that he had told Mengniu Dairy "that the proposed acquisition would be contrary to the national interest." "Given this approval is unlikely to be forthcoming at this time, Lion and Mengniu Dairy have mutually agreed to cease the current sale process," Lion Dairy said in a statement.

Source: CNN August 25, 2020 06:59 UTC