Fonterra enters Chinese dairy market
New Zealand dairy exporter Fonterra Co-operative Group Ltd has agreed to buy 43% of a Chinese dairy firm for $152 million.
01/12/05 The New Zealand firm will pay 864 million yuan for San Lu Group, China's largest milk powder producer, which is located in Shijianzhuang in Hebei Province near Beijing.
It said 603 million yuan of the purchase price would be used to buy new shares in San Lu, which expects overall revenues in 2005 of 7.5 billion yuan.
Fonterra Brands Managing Director Sanjay Khosla says Fonterra is buying into a company that was a household name across China.
Analysts say the deal will give Fonterra a strong foothold in China's $11 billion dairy industry.
http://www.radionz.co.nz/news/bulletins/radionz/200512011818/3e8e871d
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