Bel­lamy’s ral­lies

Mercury (Hobart) - - BUSINESS -

SHARES in in­fant for­mula sup­plier Bel­lamy’s Aus­tralia have jumped af­ter the Fed­eral Gov­ern­ment ap­proved a buy­out by a Chi­nese com­pany, al­beit with con­di­tions.

The Gov­ern­ment has ap­proved the $1.5 bil­lion takeover by China Meng­niu Dairy Com­pany, but the in­fant for­mula maker will have to re­main head­quar­tered in Aus­tralia for a decade and be run by a ma­jor­ity Aus­tralian board.

Its shares ral­lied 1.93 per cent to $13.20 yes­ter­day.

The For­eign In­vest­ment Re­view Board’s view is that the acquisitio­n is not con­trary to Aus­tralia’s na­tional in­ter­est.

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