Wholly owned China Farms sale receives antitrust clearance
23 December 2020
SALE OF WHOLLY OWNED CHINA FARMS RECEIVES ANTITRUST CLEARANCE
As previously announced in October 2020, Fonterra agreed to sell its two wholly-owned farming hubs in
China to Inner Mongolia Natural Dairy Co. Ltd, a subsidiary of China Youran Dairy Group Limited (Youran).
The transaction is subject to anti-trust clearance and other regulatory approvals in China.
Fonterra can now advise that the anti-trust clearance has been received. Subject to obtaining the
remaining regulatory approvals in China, Fonterra expects to complete the sale within this financial year.
The transaction value initially indicated of RMB 2.31 billion remains subject to usual purchase price
adjustments. As previously announced, Fonterra intends to use the cash proceeds from the transaction to
pay down debt, as part of its overall debt reduction programme.
ENDS
For further information contact:
Philippa Norman
Fonterra Communications
Phone: +64 21 507 072
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Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- FCG — Fonterra Co-operative Group Limited: Wholly owned China Farms sale receives antitrust clearance2020-12-22
“23 December 2020 SALE OF WHOLLY OWNED CHINA FARMS RECEIVES ANTITRUST CLEARANCE As previously announced in October 2020, Fonterra agreed to sell its two wholly-owned farming hubs in China to Inner Mongolia Natural Dairy Co. Ltd, a subsidiary of China Youran Dairy Group…”
- FCG — Fonterra Co-operative Group Limited: Fonterra sells China Farms2020-10-04
“5 October 2020 FONTERRA SELLS CHINA FARMS Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion* 1 ), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran D…”
- FCG — Fonterra Co-operative Group Limited: Global Dairy Update October 20202020-10-29
“7 Our Performance Fonterra agrees to sell China farms Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion¹), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of Chi…”