China is playing 'long, cunning game' with Australia, South Pacific regions
Sky News host Peter Gleeson says the Chinese are playing a “cunning” and “long” game by acquiring businesses, infrastructure and loans across Australia and the South Pacific, adding that our nation should be “very, very wary".Sky News host Peter Gleeson says the Chinese are playing a “cunning” and “long” game by acquiring businesses, infrastructure and loans across Australia and the South Pacific, adding that our nation should be “very, very wary of any encroachment by the Chinese”.
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 .
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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Chinese dairy giant takes over company behind some of Australia's favourite milk drinks in 0 million deal. Mengniu Diary will acquire A Chinese dairy heavyweight is set to take over a string of popular Australian milk brands in a 0 million deal. Mengniu Dairy on Monday announced
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.
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.
China's Mengniu Dairy reaches $600m deal to acquire Australian drink brands
Hot on the heels of buying Bellamy's Organic for $1.5b, China's Mengniu Dairy has reached a deal to acquire major Australian brands including Dairy Farmers, Berri and Pura.Under the deal, announced on Monday morning, Mengniu would acquire major Australian dairy brands including Big M, Dairy Farmers, Pura and Farmers Union.
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Chinese students are raking in up to 0,000 a year by selling baby formula online - as new A register has been proposed to stop baby formula being exported by overseas The supermarket daigou register is set to be pitched to executives next month As Australian parents continue to battle to buy baby formula , a new register has been proposed
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'.
'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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Facebook is suing a Hong Kong ad firm over a complex ad fraud scheme that allegedly compromising users' accounts to bombard them with deceptive Facebook ads featuring celebrities. In a legal complaint filed on Thursday, Facebook said ILikeAd Media International Company - along with two Chinese citizens - deceived internet users into clicking ads and installing malware. Facebook says this malware enabled the Chinese firm to access their victims' Facebook accounts and hijack their ad accounts, without their knowledge or consent. Visit Business Insider's homepage for more stories.