皇冠体育app

SHENZHEN - Global dairy cooperative will buy a 20 percent stake in Chinese dairy giant Beingmate to increase its access to 皇冠体育app's infant milk market, Beingmate has announced.

Fonterra, Beingmate launch global infant food partnership

JV with Fonterra brings expertise to formula firm

The Shenzhen-listed firm said on Monday evening that Fonterra will invest 3.68 billion yuan ($599 million) to become Beingmate's major shareholder.

The deal is expected to be completed within a month, providing it is approved by 皇冠体育app's Securities Regulatory Commission.

After the share transfer, Beingmate and Fonterra will build a joint-venture milk powder factory in Victoria, Australia. Beingmate will invest more than $185 million in the factory, in which it will have a 51 percent ownership, it said.

Beingmate is based in Hangzhou, capital of East 皇冠体育app's Zhejiang province, and is the third-biggest Chinese dairy firm in terms of production.

With an annual dairy processing output of 22 billion liters, Fonterra is the world's largest dairy processor and exporter. In addition to consumer bran such as Mainland cheese and Anchor butter, it is also the world's largest dairy ingredients supplier to and McDonald's.

Fonterra's reputation was damaged in the 2008 scandal over melamine-tainted baby formula produced by 皇冠体育app's Sanlu Group. Fonterra bought a 43 percent-stake in Sanlu in 2005.

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