All rights reserved. ", Frydenberg confirmed Tuesday that he had told Mengniu Dairy "that the proposed acquisition would be contrary to the national interest.". Lion is New Zealand’s largest alcohol beverage company. Aroq publishes just-auto.com | just-food.com | just-drinks.com | just-style.com, Sign-up to the just-drinks newsletters and get 'The State of Drinks Industry Social Media' for FREE, Daily Alert: Tel: Intl +44 (0)1527 573 600. The sale of Lion Dairy and Drinks is entering the home straight. Hong Kong (CNN Business)China Mengniu Dairy has called off its plan to buy an Australian drinks business for $430 million after the government in Australia said it would likely oppose the deal. On Tuesday 25 August 2020, the Treasurer of Australia announced that the proposed sale of Lion Dairy and Drinks Pty Ltd (Lion Dairy) to China Mengniu Dairy Company Limited (China Mengniu) would not be within Australia’s “national interest”, effectively blocking the transaction. Order products and manage your account online. Kirin cancels Lion Dairy & Drinks sale to China Mengniu Dairy Co... Kirin looks for new Lion Dairy & Drinks owner after China Mengniu block - report... Kirin set to offload Lion Dairy & Drinks... Australia puts brakes on Kirin's Lion Dairy & Drinks sale to Mengniu Dairy - report... P.S: If you liked this article, you might enjoy the just-drinks newsletter. 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. Receive our latest content delivered right to your inbox. Kirin said it will focus on growth areas, particularly for craft beer brands such as Little Creatures. All rights reserved. Signs are emerging of a possible sale of the Australia-based Lion Drinks and Dairy business, with China’s Mengniu Dairy said to be in negotiations to buy the business from Japanese owner Kirin. But Kirin advised on Tuesday the companies had mutually decided to abandon the deal as they had not secured federal government approval. 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. The three horses in the race for Kirin's up-for-sale Lion Dairy and Drinks division all ponied up on binding bid day. You are agreeing for just-drinks.com to send you newsletters and/or other information about our products and services that are relevant to you by email. A company part-owned by the Chinese government has been blocked from controlling popular Australian brands such as Pura, Dairy Farmers and Dare flavoured milk. Lion Dairy's China sale tipped down drain Business . Indicative offers for the $500 million-odd Lion Dairy and Drinks – which makes and sells milk-based drinks, yoghurts and juices – landed on Lion and adviser Deutsche Bank's desk a fortnight ago and the … Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on Lion Dairy & Drinks … Lion Dairy and Drinks Claims Portal Click Here to Submit Sale or Return Claim Request Click Here to Submit Credit Claim Request For assistance please call LDD Claims on 1800 000 570 or email LDDClaims@lionco.com In a statement, Kirin said that once the deal is completed, its Oceania Integrated Beverages Business division - which includes Lion Dairy & Drinks and the Lion brewery unit - will focus mainly on beer, wine and spirits across Australia and New Zealand. It announced an anti-dumping probe into imports of Australian wine. The sale of Lion Dairy & Drinks to Mengniu was approved by the Australian Competition and Consumer Commission earlier this year. Kirin took full control of the Lion business in 2009 after holding a minority stake in the company. "We are disappointed with this outcome and will now consider pathways forward.". Lion was “disappointed” with the outcome and would now be looking at other options for the Dairy & Drinks business. Lion, which has milk processing operations in all states, is selling off its non-brewing and alcoholic drinks business in Australia for its Japanese parent, the giant brewing group, Kirin. The Australian Competition & Consumer Commission has also assessed the proposed sale and has confirmed it will not be conducting any public review process, Kirin said. In a statement, Treasurer Josh Frydenberg said he had been advised the two companies had “mutually agreed to not proceed with the sale process”. The sale of the Lion Dairy and Drinks business to ASX-listed food and dairy company, Bega Cheese, has been well received by the company’s largest supplier group, Dairy Farmers Milk Cooperative (DFMC). The group also said it will invest in growth international markets, particularly in craft beer. 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. Yesterday, reports that Bega was about to buy Lion Dairy & Drinks were cooled by Kirin, which said a deal was not definite. The Australian Competition and Consumer Commission allowed the sale in February. The Japanese company has since boosted the unit's craft beer focus with purchases of Australian breweries including Little Creatures in 2012. Three bids have landed for Lion Dairy and Drinks. In a deal first reported by Nikkei, the Japanese brewer has decided to unload Lion Dairy & Drinks, a unit under Lion, which oversees Kirin's operations in Australia and New Zealand. deal was cancelled in August because of indications Australian regulatory body, took full control of the Lion business in 2009, purchases of Australian breweries including Little Creatures, Spirits (Dark) - On the Rocks, with Amy Hopkins. Clicking above tells us that you're OK with both this and with our privacy policy, terms and conditions and cookie policy. Now Beijing is targeting its exports. The sale includes all white milk, milk-based beverages, yoghurt, juice and water ice brands and assets. related to Beer & cider, Mergers & acquisitions, Soft drinks, Water, Kirin, Address: Aroq House, 17A Harris Business Park, Bromsgrove, Worcs, B60 4DJ, UK. It also knows how interested Bega was previously, and the time it spent getting to understand the up-for-sale business. Beijing later targeted its exports, namely by suspending some, And recently, reports had surfaced that the Mengniu deal could be scuttled. Update on the sale of Lion Dairy & Drinks On Friday 26 April 2019 Lion CEO Stuart Irvine provided an update on the sale of Lion Dairy & Drinks (LDD), including confirmation that Kirin and Lion have reached an agreement to sell the Lion Specialty Cheese Business to Saputo Dairy Australia (Saputo) on a standalone basis. Australia angered China by calling for a coronavirus investigation. "Our partners, Lion, have had international owners for more than a decade," he said. Lion, which owns brands including Dairy Farmers, Big M, Pura, Daily Juice and Berri through its dairy and drinks business, said the decision to cease the sale … The Japanese group has reportedly made a decision on the future of the Lion dairy business that had been set for sale to China's Mengniu before … Our focus is on the production, marketing, sales and distribution of beer, wine, spirits, cider and ready-to-drink products, as well as a range of non-alcohol beverages. 25 November 2019: Lion CEO Stuart Irvine today announced that Kirin Holdings and Lion have reached an agreement to sell the Lion Dairy & Drinks business to the China Mengniu Dairy Company Limited (Mengniu Dairy) for AUD $600 million. The ability to copy articles is specially reserved for people who are part of a group membership. Factset: FactSet Research Systems Inc.2018. 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. "It is somewhat of a relief to know there is a next step." Why COVID-19 risks further government intervention for drinks - Sustainability Spotlight, Sectors: Beer & cider, Mergers & acquisitions, Soft drinks, Water. An easy and convenient way to place your orders online Sign in. Mengniu milk products seen on a shelf at a store in Beijing in 2019. Fax: +44 (0)1527 577423. 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. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Last week, the Chinese Commerce Ministry took aim at another industry. Japanese drinks company Asahi Group is believed to be in negotiations to buy the remaining assets in the Lion Drinks and Dairy portfolio that is up for sale by its owner, countryman Kirin. Kirin and Lion know that the company has the financial power and stomach to swallow the portfolio, and shares something of a darling status in Canberra, where its most recent attempt to sell Lion Dairy & Drinks fell over. Today, it released a statement abandoning the deal, over claims approval by the Federal Government was not forthcoming. Toll Free from US: 1-866-545-5878. Kirin struck a deal in November to divest its Lion Dairy and Drinks subsidiary to China Mengniu Dairy. +44 (0)1527 573 736 or complete this form.. ©2020 All content copyright just-drinks.com The deal, which was announced last year and had been approved by the Australian Competition and Consumer Commission (ACCC), was to include all LD&D’s white milk, milk-based drinks, yoghurt, juice and water brands and assets. Japanese-owned beverage giant Kirin announced the sale of Lion Dairy and Drinks to Mengniu Dairy last November, pending approvals. The sale brings to an end a two-year struggle by Kirin to offload Lion as part of a broader push to divest underperforming overseas assets and … 26 April 2019:- Lion CEO Stuart Irvine today provided an update on the sale of Lion Dairy & Drinks (LDD), including confirmation that Kirin and Lion have reached an agreement to sell LDD’s specialty cheese business to Saputo Dairy Australia (Saputo), for AUD 280 million. "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. The Japanese conglomerate confirmed today that Bega has agreed to purchase Lion Dairy & Drinks, which owns the Daily Juice and Berri juice brands. 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