Retail in Asia

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China’s Bright Dairy takes stake in NZ’s Synlait

One of China’s largest milk producers, Bright Dairy and Food, is investing CNY382 million (USD56.4m) in New Zealand’s Synlait. It is Bright Dairy’s first overseas purchase since the melamine scandal in 2008.

Bright Dairy, which is 65 percent owned by state-owned Bright Food Group, will take a 51 percent stake in the milk-processing arm of privately owned Synlait, a small player in a market dominated by giant co-operative Fonterra, the world’s biggest dairy exporter.

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(Source: scmp.com)