A Buying Binge In China

An M&A wave breaks over the country

For early risers in China's capital it is a familiar sight: Beijing Sanyuan Food's trucks and three-wheeled bicycle carts tooling around the city, delivering milk, yogurt, and other dairy products door-to-door. In recent years, Sanyuan has come to dominate Beijing's $120 million dairy market. Now the company has national ambitions. But to get there, it needs to boost capacity. So in September Sanyuan offered $9.3 million for the Beijing dairy operations of New York-based Kraft Food International.

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