The Foreign Investment Review Board has approved the $1.5 billion takeover of Bellamy’s by China Mengniu Dairy Company, although the infant formula maker will have to remain headquartered in Australia for a decade and be run by a majority Australian board.
Treasurer Josh Frydenberg has backed the FIRB’s view that the acquisition is not contrary to Australia’s national interest. Subject, however, to conditions including that the majority of Bellamy’s board of directors be Australian resident citizens.
