Foreign Investment Review Board approves Chinese takeover of Vitaco

Shanghai Pharma and Primavera Capital’s $314m takeover of pharmaceutical company Vitaco has been approved by FIRB.

Vitaco chairman, Greg Richards and Chief Executive Officer, Ryan d’Almeida (right) at the company's ASX listing.

The proposed $314 million takeover of Australian pharmaceutical company Vitaco by Chinese interests has received approval from the Foreign Investment Review Board.

The green light from the body comes after the Turnbull Government’s controversial blocking of bids for electricity distribution group Ausgrid and cattle empire S. Kidman & Co.

Vitaco (VIT) announced the planned sale in August, with its board lending unanimous support to a $2.25 a share bid from Shanghai Pharma and Primavera Capital.

The group’s shares have stalled comfortably below the $2.25 mark as investors’ awaited clarity from regulators, with its most recent close seen at $2.07.

Approval has also been granted by Chinese regulators, leaving a shareholder vote due before Christmas as the last major hurdle to clear.

Vitaco is best-known locally for its Nutra-Life vitamins and supplements brand as well as its Aussie Bodies sports nutrition brand. It also owns the popular Healtheries brand in New Zealand.