Norton Rose Advises Chinese Dairy on Planned Acquisition of Bellamy's Australia
China Mengniu Dairy is one of the leading manufacturers of dairy products in China. Bellamy's is a globally recognised Australian organic brand business, selling organic food and infant formula products for babies and toddlers.
September 18, 2019 at 04:33 PM
2 minute read
A cross-border team from global law firm Norton Rose Fulbright is advising China Mengniu Dairy Co. on its planned $1 billion (A$1.5 billion) acquisition of baby formula maker Bellamy's Australia.
Under the proposed acquisition, Bellamy's shareholders will receive a total of A$13.25 cash per share, inclusive of a special dividend of A$0.60 per share.
The scheme is expected to be implemented in December, subject to satisfaction of a number of conditions including the approval of Bellamy's shareholders, the Supreme Court of New South Wales and the Foreign Investment Review Board, Norton Rose said.
The Bellamy's board has recommended shareholders support the acquisition.
The Norton Rose team was led by Sydney-based corporate mergers and acquisitions partner John Elliott, supported by antitrust and competition partner Belinda Harvey.
"We are pleased to have supported China Mengniu Dairy Company on this agreement with Bellamy's Australia, which marks an important development for the Australian dairy market. The transaction involved a multi-practice team from Australian and Hong Kong, including corporate M&A, banking and finance, intellectual property, competition, dispute resolution and real estate," Elliott said.
The head of Norton Rose's Hong Kong office and corporate and M&A, Psyche Tai, led a core M&A team and partner Peter Haslam advised on acquisition finance aspects of the deal.
"We have been proud to work with Mengniu since advising on its global offering and listing on the Hong Kong Stock Exchange in 2004, and a series of subsequent acquisitions and joint ventures over the past decade. We are delighted to support Mengniu in its ongoing strategic business expansion," Tai said.
China Mengniu Dairy is one of the leading manufacturers of dairy products in China. Bellamy's is a globally recognised Australian organic brand business, selling organic food and infant formula products for babies and toddlers.
Allens Sydney-based M&A head Guy Alexander and private equity cohead Tom Story lead a team acting for Bellamy's.*
*Updated Sept. 20: This story has been updated with the names of Allens partners on the deal.
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