Japanese-owned beverage giant Kirin announced the sale of Lion Dairy and Drinks to Mengniu Dairy last November, ABC News reports. "Lion notes that China Mengniu Dairy Company Limited has been awaiting the outcome of the Foreign Investment Review Board review of its proposed purchase of Lion Dairy & Drinks," the statement said. "We are disappointed with this outcome and will now consider pathways forward in relation to the Lion Dairy & Drinks business." The Australian Competition and Consumer Commission approved the Lion sale in February, after considering the potential impact on competition. Last year the Federal Government approved the sale of Australian infant baby formula business Bellamy's for A$1.5 billion to Mengniu.

Source: The Standard August 25, 2020 04:30 UTC