Thursday, August 20, 2020

AUSTRALIA MAY BLOCK CHINA CO.'s PURCHASE

 SYDNEY (Reuters) - Australia’s government may block China Mengniu Dairy Co Ltd’s (2319.HK) purchase of some of the country’s best-known milk brands, the Australian Financial Review reported on Thursday, citing unidentified sources who blamed “diplomatic issues”.

Treasurer Josh Frydenberg has gone against the advice of the Foreign Investment Review Board (FIRB) which was in favour of approving the A$600 million ($430.98 million) deal, the newspaper said.

Chinese investment to Australia more than halved in 2019 to $2.4 billion, and the number of deals is likely to keep falling this year due to the diplomatic tension as well as the coronavirus outbreak, bankers said.

No comments:

Post a Comment