Fonterra makes Chinese bid
New Zealand-based dairy giant, Fonterra Co-operative Group, has submitted to the Shenzhen Stock Exchange a partial tender offer to acquire up to 20 per cent of Chinese infant formula manufacturer, Beingmate Baby & Child Food Company.
The offer will be open for 30 days, with the result expected to be announced on March 18.
Last August, Fonterra and Beingmate announced that they intended to form a global partnership to help meet China’s growing demand for infant formula.
The partnership will create a fully integrated global supply chain from the farm gate direct to China’s consumers, using Fonterra’s milk pools and manufacturing sites in New Zealand, Australia, and Europe.
It is intended to increase the volume and value of Fonterra’s ingredients and branded products exported to China.