AUSTRALIA: United Dairy Power "sold to Hong Kong investor"
United Dairy Power claims to be one of the biggest dairy producers in Australia
Australian firm United Dairy Power has reportedly been bought by Hong Kong investor William Hui in a deal worth A$70m (US$61.5m).
UDP was founded in 1999 and claims to now be the largest privately-owned milk wholesale and processing company in Australia.
According to a report carried by Australian broadcaster ABC, there will be no changes in "day-to-day dealings of suppliers with field reps or the UDP senior management team" at UDP, and no changes in its strategy.
Chinese investors have looked to invest to the dairy industries in Australia and New Zealand in order to meet growing demand for high-quality, safe dairy products in their domestic market and across Asia.
Bright Dairy, the Chinese group, owns 39% of New Zealand's Synlait Milk. China's Inner Mongolia Yili Industrial Group bought New Zealand's Oceania Dairy Group in 2012.
The ability of dairy processors in Australasia to supply markets in Asia was also a key factor in the recent takeover battle for Warrnambool Cheese and Butter Factory, the Australian dairy firm.
Canadian dairy giant Saputo last month won the race to buy WCB, fending off interest from Australian dairy companies Murray Goulburn and Bega Cheese. Last week, Saputo announced it had built a 75% stake in WCB.
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