Australia approves China-government backed buyout of dairy firm Bellamy’s

China’s Mengniu buys Australian organic formula maker for $1bn
Dairy group grabs ASX-listed Bellamy’s in first overseas deal

China’s second-largest dairy company, China Mengniu Dairy, said Monday it has offered to acquire baby formula maker Bellamy’s Australia for up to 1.46 billion Australian dollars ($1 billion).

The deal would be Hong Kong-based Mengniu’s first purchase of a company outside China.