Deals
Fonterra Deepens Chinese Links With Baby Formula Partnership
This article is for subscribers only.
Fonterra Cooperative Group Ltd., the world’s biggest dairy exporter, said it will pay NZ$615 million ($515 million) for a stake in a Chinese infant formula maker as it seeks to tap the nation’s lucrative baby milk market.
The New Zealand company will buy a stake of as much as 20 percent in Beingmate Baby & Child Food Co Ltd., a subsidiary of China’s fourth-largest infant formula maker, it said today. The companies also plan to set up a joint venture to buy Fonterra’s Darnum plant in Australia and a distribution agreement to sell Anmum, Fonterra’s own baby milk brand, in China.