Fonterra progresses Beingmate partnership

Fonterra progresses Beingmate partnership

New Zealand dairy cooperative Fonterra has submitted a bid to take a 20% stake in Chinese infant formula group Beingmate Baby & Child Co as part of the previously announced global tie-up between the two groups.

Fonterra said today (12 February) that it submitted the partial tender offer to the Shenzhen Stock Exchange. The offer will remain open for 30 days and the outcome will be announced on 18 March, Fonterra added.

The bid follows an announcement last August of a deal to form a global partnership that will provide Fonterra with access to the Chinese infant formula sector. The partnership aims to create a fully integrated global supply chain. "It is intended to increase the volume and value of Fonterra's ingredients and branded products exported to China," the New Zealand company said.

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FONTERRA SUBMITS BEINGMATE PARTIAL TENDER OFFER

Fonterra Co-operative Group Limited today submitted to the Shenzhen Stock Exchange a partial tender offer to acquire up to 20 per cent of leading Chinese infant formula manufacturer, Beingmate Baby & Child Food Company Ltd.
Fonterra Co-operative Group Limited today submitted to the Shenzhen Stock Exchange a partial tender offer to acquire up to 20 per cent of leading Chinese infant formula manufacturer, Beingmate Baby & Child Food Company Ltd.

The offer will be open for 30 days, from 12 February until 3.00pm (China time) 13 March.

It is expected that the result of the partial tender offer will be announced on 18 March.  

Last August, Fonterra and Beingmate announced that they intended to form a global partnership to help meet China's growing demand for infant formula.  The partnership will create a fully integrated global supply chain from the farm gate direct to China's consumers, using Fonterra's milk pools and manufacturing sites in New Zealand, Australia, and Europe. It is intended to increase the volume and value of Fonterra's ingredients and branded products exported to China. 

Original source: Fonterra