China Mengniu Dairy Co has walked away from its proposed $600 million acquisition of Lion Dairy & Drinks after Treasurer Josh Frydenberg told the China-backed bidder the foreign investment would be "contrary to the national interest".
The mutual parting of ways by the two companies followed a report in The Australian Financial Review last week that Mr Frydenberg would not allow the China-linked takeover of Lion, which manufactures milk and juice brands such as Big M, Dairy Farmers and Daily Juice.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
