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Tech & Science Baby formula company set to be taken over by a Chinese dairy giant is forced to pay $49.7million to investors after class action lawsuit

05:00  28 november  2019
05:00  28 november  2019 Source:   dailymail.co.uk

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Baby formula company set to be taken over by a Chinese dairy giant is forced to pay $ 49 . 7 million to investors after class action lawsuit . Bellamy's Australia will pay back investors who bought shares in company . Investors claim they lost money in shares following misleading statements.

Class action lawsuits are a type of civil suit that is brought to court by one or more people who act on the behalf of a larger group of people. Often class action lawsuits will occur when many people have been injured or wronged by a particular product or company .

a can of soda: China Mengniu Dairy Company has offered to buy 100 per cent of Bellamy's© Provided by Daily Mail China Mengniu Dairy Company has offered to buy 100 per cent of Bellamy's

Bellamy's Australia will pay $49.7 million to investors who bought shares in the infant formula company during 2016, settling two class actions.

The investors claimed they lost money purchasing the shares following misleading statements and non-disclosure.

The settlement is pending court approval and bears no admission of liability by Bellamy's, which also ensures the payment will be covered by insurance and will not impact the company's finances.

'This settlement is a good outcome for group members,' Slater and Gordon senior associate lawyer Kaitlin Ferris said.

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Australian baby formula company Bellamy's to be taken over by Chinese company in .5bn deal China Mengniu Dairy Company has offered to buy 100% of Bellamy's shares Bellamy's board has unanimously recommended shareholders approve the deal The deal would need to be approved by the Foreign Investment Review Board - but Bellamy's is

'If the settlement is approved in court, we expect to distribute settlement funds to class members in the first half of 2020.'

Bellamy's is expected to be acquired by the China Mengniu Dairy Company after the federal government approved a $1.5 billion takeover earlier this month.

China Mengniu will now own 100 per cent of Bellamy's shares.

Bellamy's is expected to be acquired by the China Mengniu Dairy Company after the federal government approved a $1.5 billion takeover (pictured China Mengniu products)© Provided by Daily Mail Bellamy's is expected to be acquired by the China Mengniu Dairy Company after the federal government approved a $1.5 billion takeover (pictured China Mengniu products)

Treasurer Josh Frydenberg insisted that the deal come with various conditions.

Bellamy's will have its headquarters in Australia for a decade as part of the takeover and will be ran by a board with the majority being Australian citizens.

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Mr Frydenberg said that the Chinese company is also required to invest at least $12million into infant milk formula processing facilities in Victoria.

Bellamy's shares plunged a staggering 62 per cent in just 18 months, prior to the takeover.

There were allegations the Chinese state brought this about by not approving Bellamy's request to sell organic formula in Chinese stores, which is still pending.

But the Tasmanian-based company denied the takeover had anything to do with fast-tracking Chinese regulation to allow expansion in the country.

Mengniu is a huge dairy company listed on the Hong Kong Stock Exchange with a market capitalisation of $24.6billion.

Bellamy's, founded in Tasmania in 2003, offers the only Australian-made organic infant formula.

Bellamy's CEO Andrew Cohen described Mengniu as an 'ideal partner'.

a hand holding a piece of cake: On Monday, Mengniu Dairy announced it will acquire Melbourne-based dairy company Lion Dairy & Drinks, which sells Big M (pictured)© Provided by Daily Mail On Monday, Mengniu Dairy announced it will acquire Melbourne-based dairy company Lion Dairy & Drinks, which sells Big M (pictured)

'It offers a strong platform for distribution and success in China, and a foundation for growth in the organic dairy and food industry in Australia,' Mr Cohen said.

Mengniu chief executive officer Jeffrey Minfang Lu said taking over Bellamy's would give it critical access to the Australian market.

'This leading organic brand position and Bellamy's local operation and supply-chain are critical to Mengniu,' he said.

On Monday, Mengniu Dairy announced it will acquire Melbourne-based dairy company Lion Dairy & Drinks, which sells Big M, Dairy Farmers and Dare products.

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