Mengniu milk products seen on a shelf at a store in Beijing in 2019. The Australian Competition and Consumer Commission approved the Lion sale in February, after considering the potential impact on competition. In a short press release issued today, the Chinese dairy company said it was pulling the plug on the deal as one of the conditions stated in the announcement has not been fulfilled on the conditions precedent end date. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. It announced an anti-dumping probe into imports of Australian wine. Australian Trade Minister Simon Birmingham last Tuesday rejected claims of wine dumping, saying that he found the accusations "perplexing. broader geopolitical tensions between Australia and China. Hong Kong (CNN Business) China Mengniu Dairy has called off its plan to buy an Australian … Australia angered China by calling for a coronavirus investigation. Then 1991 happened, Victorian Government 'concerned' about reports nurses working at multiple quarantine hotels, 'Almost impossible' for government to pass industrial relations changes this month. By national rural reporter Kath Sullivan and foreign affairs reporter Stephen Dziedzic. The companies then moved to call off the deal. Lion owns several iconic brands including Dairy Farmers, Masters and Pura milk. This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. Last week, the Chinese Commerce Ministry took aim at another industry. Lion Dairy & Drinks has been sold to China Mengniu Dairy Company for $600 million. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. "We are disappointed with this outcome and will now consider pathways forward.". Japanese-owned beverage giant Kirin announced the sale of Lion Dairy and Drinks to Mengniu Dairy last November. The deal, which was worth about 600 million Australian dollars ($430 million), was first, Some regulators in Australia had already green-lit the deal. Mengniu products are on display in a supermarket in Shanghai, on Oct 24, 2018. The competition watchdog says Mengniu's $600 million proposal to acquire Lion's raw milk processing facilities in Australia will not substantially lessen competition in … ", Frydenberg confirmed Tuesday that he had told Mengniu Dairy "that the proposed acquisition would be contrary to the national interest.". Mengniu has been actively pursuing acquisitions in Oceania, proposing in September to purchase baby formula maker Bellamy's Australia for up to 1.46 billion Australian dollars ($989 million). Both parties were still awaiting approval from Australia's Foreign Investment Review Board, and last week, the, The source told the newspaper that the decision was made due to "diplomatic issues. Pura and a range of other big name Australian dairy brands would be sold to China Mengniu Dairy under a $600 million deal. Factset: FactSet Research Systems Inc.2018. Lion D&D and Burra both operate dairy processing plants in the Gippsland region of Victoria and overlap in the acquisition of raw milk from dairy farmers in Gippsland. 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Most stock quote data provided by BATS. Mengniu Dairy (Stock Code: 02319.HK) is China's leading and world-famous dairy enterprise, ranking among the top ten dairy enterprises in the world since 2017. Mr Frydenberg has been contacted for comment. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Australia will not approve China Mengniu Dairy Co's proposed buyout of some of Australia's best-known milk brands from Japan's Kirin Holdings, the Australian Financial Review reported on Thursday. The ACCC will not oppose the proposed acquisition of Lion Dairy & Drinks Pty Ltd (Lion D&D) by China Mengniu Dairy Company Ltd (Mengniu) after closely considering the potential impact on competition. Kirin Foods Australia entered into an agreement to sell LDD on a standalone basis to Monday Smoothie Pty Ltd, a subsidiary of Mengniu Dairy, which includes all white milk, milk-based beverages, yogurt, juice and water ice brands and assets. "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. Mengniu offers diverse products including liquid milk products, ice cream, milk formula and cheese. Mengniu, one of the world's biggest dairy companies, will acquire major Australian brands including Big M, Dairy Farmers, Pura, Berri and Daily Juice under the deal. China Mengniu Dairy has walked away from its proposed $600 million acquisition of Lion Dairy & Drinks after Treasurer Josh Frydenberg said the deal would be 'contrary to the national interest'. Mengniu’s deal follows an agreement … Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. "Given this approval is unlikely to be forthcoming at this time, Lion and Mengniu Dairy have mutually agreed to cease the current sale process. "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. … 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. Last week the Australian Financial Review reported the Federal Government had decided to block the sale. 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. More than 250 farms in Queensland, New South Wales, Victoria and South Australia belonging to DFMCs 350 members supply over 270 million litres of milk. Lion Dairy and Drinks owns several well-known brands sold in Australia It was set to be sold to China's Mengniu Dairy, but the deal did not secure foreign investment approval The deal has now been called off … Mengniu has an indirect interest in a producer and wholesale distributor of dairy products, Burra Foods Pty Ltd (Burra). The Federal Government is still working on a broader overhaul of foreign investment laws which will require the Treasurer to sign off on foreign investments which have national security implications. Last year the Federal Government approved the sale of Australian infant baby formula business Bellamy's for $1.5 billion to Mengniu. Mengniu Dairy has offered 1.5 billion Australian dollars ($1 billion) to buy infant formula maker Bellamy's Australia, the companies said Monday. Mengniu also owns Australian dairy processor and exporter Burra Foods, Mike Smith Mengniu is proposing to acquire Lion D &D’s raw milk processing facilities in Australia, … China Mengniu Dairy Company Limited and its subsidiaries manufacture and distribute quality dairy products in China. Lu said there were "good synergies" between the two companies in Australia, New Zealand and South East Asia "so we said why not become even closer". Mengniu Dairy Co. Ltd. has pulled out of a deal to buy an Australia-based dairy producer from Japanese firm Kirin Holdings Co., after Australia’s Federal Treasurer told the Inner Mongolian dairy giant the purchase was not in the national interest.