China’s Bright Dairy & Food Co. is to take a controlling stake in local peer Qinghai Xiaoxiniu Biological Dairy Industry Co. via two transactions totalling CNY620m (US$96.9m).
The publicly-listed company is paying a group of sellers CNY130m for a 17.5% stake in Qinghai Xiaoxiniu.
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Separately, Bright Dairy & Food Co. has agreed to buy a 42.5% stake from Huzhou Foxit Business Partnership and Huzhou Chenfeng Business Partnership for approximately CNY490m.
After the completion of both acquisitions, Bright Dairy & Food will hold 60% of Qinghai Xiaoxiniu Biological and the remaining 40% will continue to held by Wang Weisheng.
The acquisition still needs to obtain an anti-monopoly licence from China’s State Administration for Market Regulation.
Shanghai-based Bright Dairy & Food is involved in the development, production and distribution of dairy products. It offers products, including yogurt, butter, milk and cheese, under the Bright brand name.
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By GlobalDataQinghai Xiaoxiniu Biological Dairy Co. has a product range including Tolunbao pure milk, Qinghai old yogurt and Treasure of Highland Barley yogurts. It is based in the province of Qinghai.
Bright Dairy & Food is majority-owned by Bright Food (Group) Co. Ltd, a state-owned Enterprise. Among Bright Food’s assets is a majority stake in Italian olive-oil maker Salov, the owner of the Filippo Berio brand.
